How Old of a House Should I Buy?

On the market for a house with old school charm and character, but worried the house may be too old? In this Redfin article, we’re answering the question “How old of a house should I buy?” to help you understand the pros, cons, and everything else you need to know about both old and new homes. 

Whether you’re looking at a 1940s home in Buffalo, NY, a 1960s build in Cleveland, OH, or a 21st-century house in Provo, UT, we’re here to help break it all down so you can decide on your dream place–old or new.

Table of Contents

• What is considered an old home?
  • Pros of an old home
  • Cons of an old home
• What is considered a new home?
  • Pros of a new home
  • Cons of a new home
• So, how old of a house should I buy?
• FAQs

What is considered an old home?

There are several real estate terms for “old,” but typically any house built over 50 years ago can be labeled as “old.” A house over 100 years old may also be called “historic,” or “antique.” Whether a house was built in the 1930s or 1970s, old is old, and there are several factors that differentiate an old house from a new one.

Pros of an old home

• Location
  Older homes are typically located in desirable areas that offer more established neighborhoods, accessibility, and a strong sense of community.
• Land
  Many older homes also include larger lots with more mature landscaping than newer homes
• Architecture
  Whether it’s Victorian, colonial, or craftsman style, older homes often have distinct character and charm and are built with high-quality materials.
• Cost
  While it depends on the house and the market, buying an older home has the potential for a lower purchase price than buying or building a new one. Older homes may also offer the potential for a high return if restored or renovated, making them  unique investment opportunities.
• Speed
  If you’re looking to move in soon, purchasing a new home is faster than building one.

Cons of an old home

• Outdated
  Older homes have the potential for outdated infrastructure like aluminum wiring, sagging floors, galvanized plumbing, etc.
• Layout
  While it depends on the home, several older houses’ layouts differ from newer ones with non-standard sizing, more closed floor plans, smaller closets, etc.
• Repairs and renovations
  If these outdated elements are unsafe, inefficient, or just not wanted, they’ll need to be replaced either immediately or over the years which could become costly and time consuming.
• Pricy upkeep
  Older homes can often come with higher utility bills due to these outdated aspects like poor insulation, outdated HVAC systems, etc.

What is considered a new home?

Whether you’re the first to live in it or not, a “new” home is classified as one that was built 0-5 years prior.

Pros of a new home

• Updated
  Newer homes generally come with fresh paint, updated appliances, and modern technology that older homes may not have.
• Low maintenance and utility costs
  These updated features usually require less upkeep, which can save you money. Also, newer elements like HVAC systems and double-pane windows may also save you money since they’re more energy efficient.
• Modern design
  With newer homes come up-to-date designs like open floor plans, en suite bathrooms, and larger kitchens and closets. They could also have green and smart home features like thermostats or solar panels.
• Builder incentives
  If you’re looking to build your home, there are often money-saving incentives such as help with closing costs and interest-rate buy-downs. New builds also often come with home warranties, which can protect you from future expenses.

Cons of a new home

• Pricing
  While it depends, newer homes are often more expensive because of the brand-new construction. If you’re building a home, costs like landscaping, custom features, and the like can add up. There may also be additional costs like landscaping.
• Homeowners associates
  If you’re buying or building a newer development, you can expect it to be managed by a homeowners’ association (HOA), which may mean fees and restrictions.
• Heightened competition and limited negotiation
  Newer homes can be more desirable than older ones, making competition high (especially in busier markets), thus limited room for negotiation. Builders may also be less flexible on price than individual home sellers.

So, how old of a house should I buy?

Unfortunately, we cannot answer that for you, but consider the following factors: budget, lifestyle, tolerance for maintenance, and aesthetics. While finding your dream home can be difficult, weighing the pros and cons between older and newer homes can help you decide on the best place for you and yours.

FAQs

What are the key differences between old and new houses?
There are many differences between old and new homes, but the main five are design (layout), construction (quality and materials), systems, cost, and maintenance.

How do you determine the age of a house?
You’ll find several ways to determine the age, like checking public records or the home inspection report, reviewing the property deed or title, online research, or asking the seller.

Do new or old houses cost more?
Newer houses often cost more due to the modern materials and systems. While older homes typically have a lower initial cost, they may require repairs and renovations, which can be expensive.

Are old homes eligible for preservation status or tax incentives?
Some homes are, so check with a local historic preservation or planning office, local real estate agent, or search the National Register of Historic Places database to check eligibility.

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