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Fairfax, Loudoun County Virginia -Residential Real Estate Market Blog

Keep yourself up to date with the Northern Virginia Real Estate market and other local Northern Virginia information. Have a question or thinking about buying or selling home call Ritu Desai at Samson Properties at 703-625-4949 or email me at Info@eNOVAHomes.com.

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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 not.

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:

Location: 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 home.

Style: Some buyers firmly belief that older homes and neighborhood have charm and beauty that some newer cookie cutter homes or subdivision don't have.

Land: As 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.

Update/Upgrades: 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.

Construction: Haven't 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:

Layout: Biggest 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 electrical demands.

Amenities: Older 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 the buyers.

Storage: We 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.

Expensive: Due 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.

Final Verdict

Old 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 home.


 
                             
Associate Broker
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 


 

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