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Old 02-13-2008, 07:42 AM
 
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Hi all,
can some one tell me what are the disadvantage buying a 20 yrs old home.
i am planning to buy home in vA, i go throught some real estate website, home prices are too expensive for new homes, little bit less for old homes (nearly 20yrs old).
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Old 02-13-2008, 11:24 AM
j1n
 
Location: Southeast of the Northwest Territories
1,237 posts, read 4,132,142 times
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Quote:
Originally Posted by bheemva View Post
Hi all,
can some one tell me what are the disadvantage buying a 20 yrs old home.
i am planning to buy home in vA, i go throught some real estate website, home prices are too expensive for new homes, little bit less for old homes (nearly 20yrs old).
I would think the initial advantage of a new home (and therefore, the disadvantage of an older home) would be there should be very little initial upkeep, and no repairs or upgrades to do. But that is all relative to the house in question. A 30 year old brick (lots of brick here ) or well maintained wood house may require very little work as well.
It would depend on the (older) house in question.
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Old 02-13-2008, 11:55 AM
 
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On the other hand, if there's something really wrong with the house (structural or foundation issues, for example) they won't have shown up yet in the new house, and once they do, your builder may well be out of business (or the warranty period just expired, take your pick) so you'll be stuck dealing with it yourself. In the old house, if you take the time to look at it closely, you can pretty much anticipate what you're going to get.

Plus, you have to pay a premium for a new house, like a new car, which you get to put in your pocket if you buy "used".
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Old 02-13-2008, 03:31 PM
 
Location: Williamsburg
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Just remember there are a lot of items that will start going bad in a 20 year old home if they haven't already been replaced. Heating and Air conditioning, water heater, roof, faucets, toilets, appliances. Thermopane windows start to fail. Insulation probably isn't up to the same specs for " R" factor. Get a home inspection if you decide to purchase an older home. Use a reputable ASHI certified home inspector. Personally I love older homes, they seem to have more character. You just have to be prepared to work on them.
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Old 02-13-2008, 03:43 PM
 
846 posts, read 3,054,368 times
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Quote:
Originally Posted by Mr Williamsburg View Post
Just remember there are a lot of items that will start going bad in a 20 year old home if they haven't already been replaced. Heating and Air conditioning, water heater, roof, faucets, toilets, appliances. Thermopane windows start to fail. Insulation probably isn't up to the same specs for " R" factor. Get a home inspection if you decide to purchase an older home. Use a reputable ASHI certified home inspector. Personally I love older homes, they seem to have more character. You just have to be prepared to work on them.

Oh come on, my toilets are over 50 years old and they're fine (great in fact). Same with the faucets. And was insulation really that bad in the mid-80's (20 years ago)? Anyway, you got to look at the house, that's for sure, and look for things that might be ready to fail. But it's not like the whole thing is going to fall down on your head.

One thing you should know -- cracked plaster in a 1950's house might not be fixable. My 50's ranch is plastered with this weird hybrid double-layer-wallboard + surface plaster system that just sucks.

And 1970's houses' bathrooms were made of regular wallboard that rots away once the grout in the tilework starts to crumble. Probably 60's too, though I don't know for sure. 1950's and earlier bathroom tile work was usually done in cement, so it's solid and rot-proof.
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Old 02-13-2008, 04:11 PM
 
Location: Williamsburg
1,154 posts, read 3,421,507 times
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Ok maybe I should have been clearer in my answer. I too live in an older house.

toilet float valves etc will need replacing ( minor job)faucets seem to start leaking and need repair/ replacing.( minor job) And was insulation really that bad in the mid-80's (20 years ago)? It's not that it's bad but realize that it will cost you more to heat and cool an older home with less insulation and an older less efficient heating and air conditioning system.
I have had to replace water heater, HVAC system,roof, all appliances, windows, garage doors and a few other things in my 20+ year old home since purchasing. We did negotiate a great purchase price beacause of the work needed.

If you get a home inspection that should hopefully pinpoint any items that are in need of replacement. You can negotiate the cost or repairs and hopefully have a home that doesn't need much upkeep for a while.

I didn't mean to scare you away from an older home. Just trying to be realistic. You will find quiet a few older homes where the owners have maintained them impeccably thru the years. With so many homes on the market look for a well kept home.

Good Luck !
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