Buying an Older Home

Are you drawn to houses that have stood the test of time? We get it. When it comes to elegance, character, and craftsmanship, it’s hard to beat older homes. That said, many buyers have concerns about the upkeep (and associated costs) that owning one of these properties can entail. The truth is, there are upsides and downsides to purchasing a house with a history—and knowing what they are can help you make an informed decision.

If you’re thinking about buying an older home, here are the pros and cons to be aware of…

Pros

For a lot of buyers who are seeking older homes, the biggest draw is their aesthetic beauty. From stained glass to intricate molding, many of these properties feature stunning period details. Here in Toronto’s west end, you’ll find no shortage of gorgeous residential architecture from bygone eras. Just take a look at some of the spacious Victorian homes around Bloor West Village, and you’ll see what we mean!

Then there’s the construction. Mature houses have been standing for decades, and sometimes evenf longer. In many cases, they were built using higher-quality materials than you’ll find in most modern homes—and with greater attention to detail. This superior craftsmanship is often pared with larger lots, making older properties ideal for families who need room to spread out.

Of course, money is always an important consideration. Buyers often expect a home furnished with period details to come with a hefty price tag, but that’s not always the case. The truth is, older houses are often more affordable than their newer counterparts. It depends on the particulars, but an experienced real estate agent can help you find a mature home within your price range.

Cons

Many buyers overlook homes that have been around for a while because they perceive them as high maintenance. While it’s entirely possible to find an older property that’s in good condition, houses of a certain age are bound to have wear and tear. In some cases, the repairs and ongoing upkeep may be more than you want to take on.

When you’re looking at an older home, keep an eye out for issues that could cause headaches in the near future. Examples include a faulty electrical system, badly cracked foundation, and even mould. A thorough inspector can help you rule these problems out, and recommend bringing in a specialist if need be. Their report should also indicate the age and condition of major components, such as the HVAC system and roof.

Last but not least, opting for a mature home can mean settling for less storage space and outdated features. On the bright side, renovating is always an option! With a little help from the right contractors, you can ensure that your future living space is the perfect blend of classic beauty and modern chic.

The bottom line

While newer builds are a good fit for many aspiring homeowners, some buyers adore houses with a bit of history. If this sounds familiar, an experienced agent can help you find the older property of your dreams—and avoid potential pitfalls.

Preparing to buy a home? We know the process inside and out, and we’d love to walk you through it! Get in touch to get started!

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