Buying or Selling a Home

Don't Be Scared to Buy an Old Home

Written by Mari-Allyson Dee-Taylor

THE MATERIAL CONTAINED IN THIS ARTICLE IS PROVIDED FOR GENERAL INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE PROFESSIONAL ADVICE.LANDMARK HOME WARRANTY DOES NOT PURPORT TO BE A SUBJECT MATTER EXPERT WITH REGARD TO THIS MATERIAL, AND YOU SHOULD CONDUCT YOUR OWN RESEARCH AND/OR SEEK THE ADVICE OF APPROPRIATELY QUALIFIED PROFESSIONALS WITH REGARD TO YOUR SPECIFIC CIRCUMSTANCES BEFORE YOU TAKE ACTION. LANDMARK HOME WARRANTY ASSUMES NO RESPONSIBILITY, AND SPECIFICALLY DISCLAIMS ALL LIABILITY, FOR YOUR USE OF ANY AND ALL INFORMATION CONTAINED HEREIN.


header image for the blog dont be scared to buy and old home

Buying an old home doesn’t have to be as scary as it might seem. Here are the top 5 myths about buying an older home!

Myth 1: Old Homes are Dark and Dreary

image explaining that the first myth is that old homes are dark and dreary image prompting those reading the blog to send the blog to their clients

When looking for an older home, most people believe that older homes need a lot of TLC to get out of the dark and dreary stage. Although that is true for some older homes, most old homes can be brightened up with a little love. All you need to take care of the dreariness is a new coat of paint, or to change out the light fixtures.

With these easy upgrades, your old home can go from dark and dreary to light and bright!

Myth 2: Older Homes Have Cracks and Creaks

image explaining the second myth is that old homes have cracks and creaks

Older homes actually tend to have better construction than new construction homes simply because of the quality of materials. Older houses are unique and built individually, and aren’t prefabricated designs like the homes built today.

Although they might creak in the middle of the night, it doesn’t mean that the house is falling apart or a ghost is strolling the halls. Those sounds are just the nature of more natural, high-quality materials. Creaky floorboards can be easily replaced if you don’t enjoy the sound of “ghosts” walking around.

Myth 3: Older Homes Don’t Gain Equity Like New Homes

image explaining that the third myth is that older homes dont gain equity like older homes image prompting those reading the blog to send the blog to their clients

We all know that older homes can easily be outdated, which can be reflected in the home’s appraisal and sale value. This is actually great news for anyone who is not afraid of a renovation project. Well-executed renovations can add a large amount of equity to an older home.

Although renovations can be exciting, it is important to budget and plan for them before starting, it will save you a headache in the long run.

Myth 4: New Homes Have Better Bones

image explaining that the fourth myth is that new homes have better bones

We’re not talking about the skeletons you might find in an old home, we are talking about the home itself. According to CoreLogic “the median size of a new home increased from 1,938 square feet in 1990 to 2,300 square feet in 2016, but lot sizes during this same period decreased from 8,250 square feet to 6,970 square feet.” If you are looking for a home with mature vegetation, a large lot, or character, take a look at an older home.

Don’t let decor scare you away from an older home. The decor can be changed, but the chances of you finding a brand new house in the same location with similar characteristics are low. Most established neighborhoods are full of old homes with a central location, so if you want to live in an established area downtown, an older home is most likely your best bet.

Myth 5: Older Homes are More Expensive

image explaining how the fifth myth is that older homes are more expensive

According to a study by Trulia, there is a 20% higher premium to purchase a new home compared to an older home.

Although older homes have a lower purchase price they can be more costly in repairs, you can lower those costs by having a home warranty! The cost of the repairs on older appliances can usually outweigh the cost of the home warranty. A home warranty will save you on appliances that are just older and worn down. A good example is if the belt on your dryer snaps, most home warranties will cover that because it is a normal wear and tear.

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Get a quote for a Landmark Home Warranty for your home here.

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