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Thinking of Purchasing an Older Home? Read This First!

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“They don’t build them like they used to.” Perhaps you’ve heard this when someone is talking about the reliability of their older home. Think about the older homes you see in your community. Whether it’s the style they were built in, the identifying features or other characteristics, there’s just something about living in an older home that has a unique history behind it.

 

However, old homes can also be pitfalls if you aren’t careful. If you are looking into purchasing an older home this spring, here are some pros and cons, as well as general overall things to pay attention to from your friends at MBT Bank.

 

Pro: Location – Since older homes were generally built first in an area’s development, they are often closer to all the action in town.

 

Con: Roots – Old houses may have older trees, whose longer, deeper roots can wreak havoc on your foundation or plumbing systems.

 

Pro: Cost – This is more of a general statement, but you will typically pay less for an older home than a modern one of the same size.

 

Con: Out-of-date building codes – Old heating, plumbing and wiring systems need to be checked to make sure they are up to modern codes, along with chimneys, windows and other vital parts of the home.

 

Pro: Long-term investments – Old homes are limited in supply, yet high in demand in many areas. Check with local owners of other older homes to see how much their home values have risen in the past decade.

 

Con: Places to put your stuff- People own more stuff now than they used to, meaning closets and other storage spaces may be much smaller than what you are used to.

 

Pro: Availability- When you purchase an older home, there’s no waiting for the builder to put on the finishing touches or delays in the building schedule.

 

Older neighborhoods attract a variety of people, so become acquainted with the area. Don’t be afraid of asking too many questions. Purchasing a home is a major decision, and one that shouldn’t be taken too lightly.

 

The mortgage experts at MBT Bank can help you check rates and finance your ideal home, whether it is old or new. Give them a call to get started today!