Considering an Older Home? Here’s What You Should Know

Posted by on Friday, July 20th, 2018 at 8:53am

Older homes in Jacksonville boast many unique features and lots of charm. Whether you found a home that is 100 years old or one that is 50, these homes can provide a unique and stunning living space. However, they can also come with many problems. Before you purchase an older home in Jacksonville, keep the following in mind.

1. Older Homes Have Lower Purchase Prices

Older homes are typically less expensive than new construction homes. This means that you can save money during the home-buying process. In fact, you can pay up to 28% more for a new home than an old home with similar specifications. Plus, with an older home, you will typically receive larger lots, well-established landscaping, and fully-developed neighborhoods.

2. Always Complete a Home Inspection

While a home inspection is always important regardless of the house you wish to purchase, when you are considering an older home, it should be your top priority. Older homes can have many hidden issues that can cost you a significant amount of money to repair. While the previous owners of the home may have completed extensive work to update the cosmetics of the house, you want to make sure the structure and all other elements are sound. A few things you want carefully looked at include:

  • Roof
  • Foundation
  • Plumbing
  • Electricity
  • Old and outdated appliances such as water heaters, furnaces, etc.
  • Radon and other dangerous gasses

Additionally, if the home inspector says that elements in the home are in working order, find out how much life is left in them. For instance, will you need to replace the roof in less than five years? Is the air conditioning unit quickly dying?

3. It will Require More Money and Time for Updates

While you may save money by purchasing an older home, you must be prepared to spend more money each year on repairs and updates on the home. Even small things such as bathroom fixtures or light switches and plates may require some updating and these small changes can produce big results. Ideally, experts recommend you budget at least 1% of the home’s purchase price each year for maintenance and repairs. When you have an older home, you may want to consider budgeting more money to help cover some of these larger costs. Additionally, don’t forget the time you will spend making all these upgrades. It will be much more than any new construction home.

If you are interested in an older Jacksonville home or you want to check out other housing options, contact Jacksonville real estate agent Krista Fracke. She can help you find your dream house in the perfect neighborhood. 

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