How important should I factor the year built of a home?

[prakas]

As I breeze through the real estate, I notice most stick built homes in the area I'm interested in and price range, seem to all be built in the early 1920-1940s, give or take a few years. They range mostly from 40,000-120k. Are they really any good compared to new modular homes that sell for around the same price, or even condos build in 80s/90s that seem much more durable..

 

I'd love to own a stick built home, however, it seems for about the same price, I can get a new modular or late 90s condo for about the same price. Generally speaking, if I buy an older stick built, should I expect a lot of problems and fixing up and remodeling?

[LogicalNoMore]

Generally speaking: Yes and NO.

 

Key factors can be: Is it a historical home? What materials are used in the building? How much electrical updating has been done? Roofing/ bricks/ piping / foundation, all play key roles. What zone district is it in? So to give a blanket statement is UNWISE. Only a local inspector and appraiser can professionally say the value and condition.

 

Due to my family's age...( meaning our ambulation and health) , Older homes tend to be narrow and the stairs are not feasible for arthritic persons....So newer homes ( one levels) seem to work for some with health restrictions.

 

Vesting in an Older home ( fixer upper) can be VERY rewarding in the end....its the beginning and middle that can send a persons wallet plummetting...

 

Its more a personal choice and lifestyle in real estate...

[twizzle]

Generally speaking: Yes and NO.

 

Key factors can be: Is it a historical home? What materials are used in the building? How much electrical updating has been done? Roofing/ bricks/ piping / foundation, all play key roles. What zone district is it in? So to give a blanket statement is UNWISE. Only a local inspector and appraiser can professionally say the value and condition.

 

Due to my family's age...( meaning our ambulation and health) , Older homes tend to be narrow and the stairs are not feasible for arthritic persons....So newer homes ( one levels) seem to work for some with health restrictions.

 

Vesting in an Older home ( fixer upper) can be VERY rewarding in the end....its the beginning and middle that can send a persons wallet plummetting...

 

Its more a personal choice and lifestyle in real estate...

 

We bought an older home. Would I next time? Um, no. But we love the house, and yes, got it for a song. Anyway, it's not that you don't get issues with a new house, and an older house likes ours can be quality-built. You just have to be aware of how old everything is and what shape it's all in. But darn, it always seems like something is dying.

 

For ex: We had to test for asbestos. Had to replace all the mechanical systems as they don't last forever. Had to replace the windows. We had termites-had to jack up the house-, and we had to replace the septic. The previous owners had already, thankfully, replaced the roof. Had to replace the kitchen and baths as were all original and in bad shape. Had to do foundation work and chimney work. Light switches...outlets...doorbell...front door...screen doors...you get the idea...all had to be updated.

 

Most of the systems had just come to the end of their usable life. The good news? Our house is in awesome shape now and is better than some of the newer construction, IMO. We're still well under market value. But would I do it again? No.

 

Hell, no.

 

So, just figure out what's your level of tolerance (are you willing to put in work or replace a boiler if it's coming to the end of its life, for ex) and look for houses that fall within that. But my advice is to make sure to stick within that. Buyer's remorse is no fun.

Edited April 5, 2012 by twizzle