Are you searching for a new home? Disappointed or excited with the properties you are being shown by your real estate agent? Yes, inventory is filled up with older homes. A recent survey estimates that almost 71% of the inventory comprises of homes that were built before the 1990’s. In some regions, this value has been recorded to be even higher.
Depending on your perspective, this is both good and bad. While the old houses may not be that attractive in terms of features and appearance, their prices sure are. According to the stats, older homes are sold at 9% reduced rates compared to new homes that are listed in the same area, have the same size and offer similar features. What makes the situation even better is the fact that in some areas the differences in prices are even more than this.
Do the rates impress you? By all means, you should consider buying older homes, but when you do so, take note of the following guidelines.
Every Older Home Is Not Worth the Price No Matter How Low It Is
Did the home you just visited have water damage signs? Maybe there was mold infestation or another thing that characterizes dampness and humidity? If this is the case, any real estate industry expert would advise you to walk away and look for another house. Dryness is a key element, and there should be no moisture or humidity in the house you buy. Similarly, if the house has termites, major structural issues or huge foundation cracks, then also it is not a good choice. Dealing with all these costs is going to strain your budget because the costs incurred are really high.
Make Sure Your Inspector Examines the House While You Are There
There are so many buyers that stay away while a house inspection is being conducted. This is not a great idea. Make sure you are there with the inspector and you will come to know of all the issues that the house has. Moreover, the inspector can even provide you an estimate of the repair costs.
Buying Energy Efficient Products Can Help Decrease Costs In The Long Run
Consider buying a new air conditioning system or insulation. Older homes are often characterized by inefficient systems, and so buying new appliances should help you decrease your energy bills in the time to come.