It's common for house hunters to focus their efforts on finding homes that are new and modern. And there are plenty of benefits to buying a recently constructed home. For one thing, you might save money on repairs, at least initially, thanks to that home's newer features and components. And many newer homes today offer open floor plans, which may align with your taste.
But despite all that, it could still pay to buy an older home rather than opt for a newer one. Here's why.
1. You might save serious money on its purchase price
Because so many people set their sights on newer homes, owners of older homes often have no choice but to list their properties for less. That could work out very well for you as a buyer, especially if you're on a tight budget. In fact, opting for an older home could help you get into a neighborhood that's generally out of reach financially.
2. Your property taxes may be lower
Homes are assessed based on their market value, so a house that sells for less could also result in lower property taxes. Furthermore, tax assessors tend to assign value to updated features like high-end countertops or fixtures. If your home is older and doesn't have these features, an assessor will have a harder time hitting you with a higher assessment.
3. You might enjoy unique features that other homes don't have
Many new homes today are built in clusters or developments. The result? They largely look the same. One major benefit of buying an older home is having a living space that looks and feels different. You may not have the same open floor plan or Jacuzzi tub in your master bathroom, but you might instead enjoy unique crown molding, charming bay windows, and a clawfoot tub that's just as comfortable as a more modern soaking tub with jets.
4. You might get higher-quality craftsmanship
A lot of the homes constructed today feature builder-grade materials that not only make them look cheap but also degrade easily, resulting in added maintenance and repairs. One final benefit of buying an older property is that you may be privy to better craftsmanship and materials. And that, in turn, could save you money with regard to upkeep. Or, to put it another way, if you buy a home that's managed to hold up for over 100 years, there's a good chance it will remain solid for 100 more.
Is an older home right for you?
To be fair, buying an older home has its drawbacks. You could get stuck with dated appliances and a heating and cooling system that aren't energy efficient. You may also find that an older home doesn't quite meet your aesthetic needs. But if you're the type who appreciates a home with character, it could pay to look at the older homes available in your target neighborhood. You may find that you not only score a great deal but snag a home that truly stands out.