Potential Benefits of Owning an Older Home
Last week, I blogged about issues to consider when buying an older home. That isn’t to say, however, that you should avoid purchasing an older home at all costs. There are plenty of benefits to buying an older home. Living on Long Island, the odds are that you will find yourself considering a purchase of an older home! Let’s take a look at those benefits:
Location, Location, Location
Newer homes tend to be built where it is more affordable…and where land can be found! These homes are found on the edges of towns and cities, which means less convenient location and increased commute times. Cities and suburbs grow over time and thus older homes tend to be closer to downtown hubs. Real estate is all about the location and the convenience behind it offers faster commutes, public transit, and ease of shopping.
Charming! Character! These are words often used to describe older homes I have seen throughout Long Island. Some of these eye-catching features can even increase resale value. Built-in storage in the living room, solid wood doors with matching molding, and unique handrails along the staircase are just some small effects that go a long way. Many new homes that offer built-ins, solid wood doors or cabinetry, and upgraded moldings are considered upgrades and can be out of one’s budget.
Older homes are found in neighborhoods that are already established. Along with it are other homeowners who have cared about their community for many years. There is a sense of community tradition, mature landscape along with sewer systems or other infrastructures not always found (or found for an added expense) in newer communities.
Potential = Equity
You see an outdated, tiny kitchen. I see a renovation ready to boost the home’s value.
You see an overgrown, unkempt backyard. I see a project ready to spruce up the curb appeal of the property, and once again, the property value.
The shortcomings of older homes can turn out to be the homeowners’ future treasures. Transform the unfinished basement, renovate that tucked away bath while boosting the value of your home. You will make your neighbors happy, too!