Thinking of buying an older home? You need to think about whether the charm and character of the home outweigh the potential maintenance risks.
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Are you thinking about buying an older house? If so, how do you know if it’s a wise investment?
Older homes typically need a little more maintenance and love, but that shouldn’t stop you from considering older homes if you have a solid budget. However, I think there are a few select groups that are probably better off not buying an older home:
• People just starting out their first home search
• Those without three to six months’ worth of emergency funds
• Anyone living paycheck to paycheck (You might even want a new home with a warranty)
Just be cautious when shopping for homes; I see many homebuyers get into trouble buying an older home because of the location and taking on the risk of an older home. For example, if a house is 10 years old, it will probably need a new roof in the next 10 years. Some newer homes come with 30-year architectural shingles that you don’t have to worry about for a very long time.
“OLDER HOMES COME WITH MORE POTENTIAL MAINTENANCE RISKS THAN NEWER HOMES.”
If you’re considering an older home, just make sure you’re not only OK with these potential maintenance costs and headaches, but prepared for them as well. Have an emergency fund and be ready for things to need replacing.
If you have any other questions about buying a home or selling a home here in the Triad, don’t hesitate to give me a call or send me an email soon. I’d be glad to help.
