Thinking of Buying an Older Home? Be Sure to Consider These Pros and Cons

Don't purchase an older home without reading this first. 

When you decide to get a mortgage and purchase a place to live, you'll need to choose whether to build your own property or buy an existing house. If you opt to purchase a pre-built house, you'll also have another choice to make: Do you want a newer property or an older one?

For many people, older homes can actually seem more attractive than new builds. But there can be some downsides to buying a place that's been around a while, as well as some upsides. It's worth considering both the pros and the cons to make a decision that’s right for you. 

Here are the biggest benefits of buying an older home

If you aren't sure whether buying an older house is best for you, consider these huge advantages of making that choice:

• Older homes often have more charm: Older homes may have trimwork, moldings, and other details that make them look much more attractive than newer ones. That's especially true if the property is many decades old, rather than just being a classic 1990s house. 
• They may be found in attractive historic neighborhoods: In many cases, an older home is around other houses that have been around for a long time. The neighborhood may be well established with many mature trees and with people who are invested in the area. 
• They may be built to last: The quality of workmanship and material is sometimes better in older homes than in newer ones for a number of reasons. These include the fact that society has become more focused on affordable yet disposable goods, and items used to be made locally more often than they are now. 
• The price may be right: If an older home has not been remodeled and fixed up, it may come at a pretty low cost compared to a new build. If you are handy and can make repairs yourself, you may be able to get a deal. 
• You may have your chance to put your personalized stamp on the property: If an older home has not been remodeled, you'll also get a chance to upgrade and update it in a way that works for you. 

Here are the biggest disadvantages

There are also some big downsides to buying an older home as well. Here are just a few of them.

• The house may need a lot of work: If the house has not been updated, you may have to spend a lot of time and money doing it. Some of this may be fun, such as when you're picking out paint colors or updating trimwork. But some of it is just expensive and boring, like redoing plumbing or electrical work you don't see anyway. 
• Previous construction and repairs may not be up to modern safety codes: Since older homes are, by definition, older, modern rules may not have applied when they were constructed. This can increase the risk of problems. Say, for example, you buy an older house in a hurricane-prone area and it has the original windows rather than stronger ones more likely to withstand the guests of wind. This could put your family and home in jeopardy.
• The house may lack features that are more common today: Older homes are not necessarily built for modern living. You may not have a place for a microwave in your kitchen, for example. This can be a hassle. 
• Dangerous materials may have been used in construction: Finally, certain materials such as asbestos and lead are no longer used in homes because of the risks they present. But these dangerous items are often found in older properties. This could also risk your family's safety. 

It's up to you as the home buyer to decide whether the pros outweigh the cons. But be sure to carefully consider both so you can make a fully informed choice that's right for you.