Pros and Cons to Buy Old Home or a New Old-Northern Virginia Home Buyer Guide
Many of my buyers in the Northern Virginia Real Estate market
have made a firm decision they don't want older home. They want a newer
home. Buyers have looked up to their trusted professional Realtor® to
help them seek information whether older homes are smart investment or
To begin the debate, I would like to ask you/buyer what
is older for you. Is a 10 year old home old for you or a 40 year old
home too aged home for you? Also depending on your search criteria
especially your purchasing power and location you will have to decide
what is old for you.
Here is some food for thoughts on older versus newer homes in the Virginia housing market.
Pros of buying an older home:
If you want to live close to DC in the Northern Virginia market example
Arlington, Falls Church, Vienna area you will have to let go for the
age if location of the home is more important. Unless you have a huge
budget to purchase a home you will have to open your options to older
buyers firmly belief that older homes and neighborhood have charm and
beauty that some newer cookie cutter homes or subdivision don't have.
the time progresses land has gone more expensive, newer homes are built
on smallest parcel of land the builder can subdivide. While some of the
older communities and homes have larger backyard and privacy.
Resale Value: In
a new construction area if you do have to sell the home in a short run
you will be facing competition from the builder you bought your home
from or other builders in the area.
If you buy a decade old home, most likely everything will be original
to the home. However if you buy a home that is about 20-25 years old
they may not have everything original especially heating, cooling and
roof on the home.
we all heard this before "They don’t build them like they used to”.
Older homes may not be built with today's strict building code but they
have withstood the time. Some buyers worry what is going to happen but
the home has proven by still holding up more storms and weather than you
might have seen it in your life.
Cons of Buying an Older Home:
complain home buyers in the Northern Virginia area is older homes have
is layout. Homes tend to have low ceiling, boxed up rooms, no master
suite with bath and walk in closets and other luxury that you can get in
the newer home.
Today's Technology: Older
homes were not equipped to run 3-4 TVs, computers, cell phone/tablet
chargers, dishwashers and other electronics in the home. You may have to
spend money to upgrade the electrical panel to accommodate our
home communities where not designed for today's lifestyle..so they may
not have that fancy recreation center, swimming pool, gym and other
amenities as part of your HOA.
Utilities Lines: Some
older homes may be still getting electricity from the nearest pole.
With the big storms that the Northern Virginia has seen and outages that
lasted for almost of week in few neighborhood that can be worrisome to
did not have big box whole stores like Costco and Sam's club in 60's or
70's...the storage in the older homes can be restrictive. Some buyers
don't realize till they move in to the home.
to the location you will have to pay premium for location. Some key
location in Arlington, Great Falls, Mclean, Vienna or easy access to
metro line will be far more expensive than going further South or West.
or new no home will be perfect for anyone. There will be always
something you will dislike and love. If you are getting 70+% of your top
priority things from your wish list covered by the home go for it. When
you walk in to that home you will connect and see yourself in that