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Old 11-12-2012, 08:41 AM
 
6 posts, read 15,129 times
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Would you consider purchasing an older home (built in late seventies)? This home is located in northern McKinney and is surrounded by newer homes, with all of these homes on larger lots. The neighborhood looks attractive and well maintained.

I haven't seen the interior of this home and know it needs some updating. What should I look for? What would make you seriously consider it or run away?
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Old 11-12-2012, 08:44 AM
 
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I would. I'm in the process of buying a home built in the late 50's. I personally prefer an older home as I think things were built much better back then. Yes, they will have some more upkeep problems, but I've seen people with brand new homes have issues with them as well. Just get a good inspection on it.
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Old 11-12-2012, 08:57 AM
 
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Location tops just about anything else. Then cost per sq ft. Figure you're going to put 20K or more into it depending on what you want the house to be. Look at comps in the same area to gauge your purchase. Use a Realtor who can guide you through the process and she may know of alternatives.
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Old 11-12-2012, 08:57 AM
 
Location: North Texas
24,561 posts, read 40,266,317 times
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Quote:
Originally Posted by dasmadchen View Post
Would you consider purchasing an older home (built in late seventies)? This home is located in northern McKinney and is surrounded by newer homes, with all of these homes on larger lots. The neighborhood looks attractive and well maintained.

I haven't seen the interior of this home and know it needs some updating. What should I look for? What would make you seriously consider it or run away?
I would, but not if it was the only home of its age/style in a neighborhood of new homes.
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Old 11-12-2012, 08:58 AM
 
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Depends on the price and the cost of upgrades.
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Old 11-12-2012, 11:44 AM
 
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I wouldn't consider a 1970's home to be old! 1910's yes, 1970's no!!

As long as the home has been well maintained and cared for (sound foundation, up-to-code electric system, energy efficient windows, isn't at the end of the life for the roof / appliances/ water heater/ etc), I would have no qualms about purchasing a "more mature" home. In fact, I would prefer it.
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Old 11-12-2012, 02:51 PM
 
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We have a friend who owns rental properties and because of some new laws he no long buys anything built before 1978. I'm not quite sure what the laws are about but it's something the EPA is jumping on when you go to get permits to remodel anything built before that date that makes it more expensive. If you're going to live in the house yourself, it may well be worth the extra expense but he thinks for rentals it's a major issue.
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Old 11-12-2012, 03:43 PM
 
Location: Mostly in my head
19,855 posts, read 65,802,767 times
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It's due to the possibility of lead paint. Very costly to remove, most just paint over it and don't disturb it.
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Old 11-12-2012, 03:43 PM
 
390 posts, read 714,953 times
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Quote:
Originally Posted by TurtleCreek80 View Post
I wouldn't consider a 1970's home to be old! 1910's yes, 1970's no!!
No kidding! Not a lot of Tudors from the 70's
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Old 11-12-2012, 03:53 PM
 
Location: Collin County,TX
94 posts, read 284,996 times
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Quote:
Originally Posted by dasmadchen View Post
Would you consider purchasing an older home (built in late seventies)? This home is located in northern McKinney and is surrounded by newer homes, with all of these homes on larger lots. The neighborhood looks attractive and well maintained.

I haven't seen the interior of this home and know it needs some updating. What should I look for? What would make you seriously consider it or run away?

Look for aluminum wiring and a Federal Pacific Electrical panels (FPE with a lighting bolt) - lots of info online about FPE panels. The plumbing system may have a lot of corrosion and possibly some leaks, depending on the level of care or updating that had occurred. If it has a pier and beam foundation, those problems are easier to identify.

Keep in mind asbestos and lead were used in several building products in the early 70's, but they don't necessarily cause a problem unless they are disturbed.

Check for updated windows, insulation, HVAC, water heater, appliances, etc. The main dealbreaker for me is always price. Anything can be repaired, it just depends on how much you want to spend.

Go inside and check it out. If you are serious about buying, get a home inspection.
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