Not everyone is in a financial position to purchase a new construction home. Then again, many don't want to. Older homes often bring with them a certain charm — you’re literally living in a piece of history. They have a style and character all their own, and because they often need a lot of love, it is easy to become attached to every brick and beam. Plus, they tend to be much cheaper than starting from scratch!
But like most things in life, there are pros, and there are cons. Buying an older home might result in a better rate and term on your mortgage, but also are much more likely to hide additional costs that you never even thought of. Let's take a look at both sides.
PRO: Style and Charm
While many new construction homes are built en masse, and therefore have something of a "cookie-cutter" look and feel to them, older homes come in a wide variety of architectural styles. From Cape Cod to Craftsman, country French to Georgian Colonial, these home styles offer key elements and stand-out features that you just won't find in today's modern homes.
CON: Upkeep and Maintenance
Here's where the hidden costs start rearing their costly heads. The truth is, just like a vintage car, the older the home, the more work your likely going to have to put into it. Structural problems, water damage, electrical issues — these are just a few of the headaches you could find yourself facing once you leave the closing table.
PRO: Quality Construction
Ever heard the phrase, “They don’t make ‘em like they used to?” That's because they don't! Many older homes are constructed using traditional, solid lumber that is more resistant to rot and warping. Even the walls are likely different — probably built with plaster and lathe, making them structurally stronger and better insulated than modern homes that rely on drywall.
CON: Hidden Hazards
Homes built before our current era of government-mandated construction regulations may contain hazardous materials, such as lead-based paint, asbestos, or large amounts of mold. Here is where an expert inspector becomes key — be sure to order a thorough home inspection prior to moving forward with an older home. Your real estate agent should be able to provide you with a preferred specialist.
No matter your preference, Midwest Lending is here with knowledgeable, seasoned experts who can help you finance that dream home. Call us today!