EXIT Realty Plus Utah

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EXIT REALTY PLUS’ Daily Insight for April 5th: Buying an Old House - The Pros and Cons

Red oak wood floors, brick fireplaces, and an old apple tree in the garden; it seems that older homes always come with a distinctive personality. However, they can also come with a bit of upkeep and renovations. Are you having trouble deciding if an older home is worth it? Here is a list of the pros and cons of buying an older house.

Pro: A Long-Term Investment
Since vintage homes are limited in supply they're high in demand. Realtor.com suggests that before purchasing an older home, talk with people in the area that have similar homes to see how much the homes have increased in value over the past ten years.

Con: Outdated Building Codes and Maintenance
Homes with old heating systems and poor plumbing can pose a big problem in meeting today’s current building codes; "Smart home shoppers should take a careful look at each element of infrastructure in an older home: heating, wiring, plumbing, and air conditioning" (realtor.com).

Pro: Cost
Typically, buyers will pay less for an older home, than they would a new home that is the approximate same size and in the same location.

Con: Lack of Storage Space
Older homes were not built to accommodate the storage needs of our busy modern-day lives. This is because we consume more now than we ever have before. However, this could just be an opportunity for you to downsize/declutter.

Miller, A. (2023, March 22). The Pros and cons of buying an old house. Real Estate News & Insights | realtor.com®. Retrieved April 5, 2023, from https://www.realtor.com/advice/buy/pros-cons-buying-old-house/

Stewart Title will be teaching a CE class here at the office on Wednesday March 1st from 10:00 to 12:00. It is on Lease Options and Seller Financing. Please feel free to invite Realtors from other offices who may need the hours.