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We are house hunting and generally looking at newer houses - the newer houses in the community we're interested in are 10-15 years old. Since we will be stretching a bit to buy our house, we don't want to spend a lot on repairs/maintenance in the first few years. However, there is one house we like that is 33 years old. It has updated kitchen and baths and the roof and HVAC have been replaced. It looks like it has been meticulously maintained, but are there other big-ticket items that will start to fail in a house of this age that we should be prepared for? In general, how much more should we budget for repairs and maintenance on a 15 year old house versus a 33 year old house? Thanks for any advice!
Having the kitchens, baths, roof and HVAC already updated may make the older house a better choice for upcoming maintenance than the 10-15 year old house. The newer house will probably be needing at least a new roof within the next few years.
Like with used cars there are indeed age brackets that are either "sweet spot" or a nightmare.
As there is very little in a house that will last more than 15 or 30 years...
if X hasn't been replaced within the last ten years it is reasonable to assume it will need it soon.
Windows can be an issue with a home that age. But they tend to not be a 'must replace now' item. Water heater, though the ones in 10-15 year old homes might actually be closer to replacement time. If it's got an underground sprinkler system, we had to replace our well pump at about that point in the life cycle of the house.
Older homes can have the same issues or concerns newer homes have...plumbing and foundation. When you look at homes, turn the faucets on and let it run for a few seconds to check the water pressure. When walking through notice if there are any doors that get stuck or don't close right. Of course most houses have "settlement cracks." Not necessarily a concern. Your home inspector (I encourage home inspections) can determine if it is an issue/concern. Also, you may want to learn about home warranties and the benefits of having one for any home you purchase.
Our townhouse was built in 78. In the last 10 years, weve replaced the windows, siding, hvac, water heater and washer/dryer. All but windows/siding were done in the last 3 years.
Water heaters have an average life of 12 - 15 years (depending on the water where you live). The main component in a water heater that wears out is the anode rod. You can replace it, and get longer life. To get the most out of a water heater, you should drain the sediment out once a year.
If your house has galvanized water supply pipes, they can rust/corrode and start having problems. Again, it depends on the kind of water you have. Many homes have these pipes for many years with little problems. You can tell if you are having flow restricitions by turning on several fixtures at the same time and see if you have a flow reduction.
If your house has copper pipes, you are pretty much good to go for the duration. Copper pipes "can" develop pin hole leaks from electrolysis. This is where the anode rod in the water heater comes into play. Periodic inspection of the hot water pipes is a good idea.
If your house has cast iron or galvanized waste pipes, they can rust and corrode on the inside and restrict flow. While they can last much longer than 33 years, its just something to consider.
We are house hunting and generally looking at newer houses - the newer houses in the community we're interested in are 10-15 years old. Since we will be stretching a bit to buy our house, we don't want to spend a lot on repairs/maintenance in the first few years. However, there is one house we like that is 33 years old. It has updated kitchen and baths and the roof and HVAC have been replaced. It looks like it has been meticulously maintained, but are there other big-ticket items that will start to fail in a house of this age that we should be prepared for? In general, how much more should we budget for repairs and maintenance on a 15 year old house versus a 33 year old house? Thanks for any advice!
The big ticket updates are Hvac, roof, bathrooms & kitchen. The newer home would likely cost more. I don't count water heaters, because I can get new ones installed for about $300, and they might last 3 years or 20 years - its more luck than anything else.
If you're excited & happy to be new homeowners, then I might budget *more* for maintenance so you can fix the things that many other people ignore. My wife made me spend $550 on all new doorknobs that were "satin nickel" with levers instead of knobs... Which made the brass on the ceiling fans more noticeable (another $600), and now she's noticed that all the door hinges in the house are brass ....... I think you can get the idea...
My rule of thumb used to be - take the mortgage payment and taxes - double that figure. To keep a house maintained required about that amount of ongoing investment. It didn't happen as a steady drain, but a new roof here, a paint job there, appliance replacement this year, landscaping costs that year, and so on.
Regrettably, in many areas of the country just the taxes and insurance make that figure inadequate. Remember that with taxes and insurance you might as well be throwing your money on a bonfire. At the end of the year, you have nothing to show for it. (Wish I could own a racket like that)
Insurance these days has become insane. People are being dropped from insurance for having the temerity to have three backyard chickens. Forced compliance flood insurance, and coming soon windstorm insurance, privilege taxes like being taxed on your satellite tv signal, all make buying a home in a community far more risky than it used to be.
If I was in the position of looking for a house near a major city, I would want a LONG lease-to-buy option, as in a minimum of five years. I just no longer trust the banks, insurance companies, city taxes, and economy. Why buy with a restrictive mortgage when you can get the same property and be able to walk away if the economy tanks again - as opposed to being stuck with an upside-down mortgage?
Having the kitchens, baths, roof and HVAC already updated may make the older house a better choice for upcoming maintenance than the 10-15 year old house. The newer house will probably be needing at least a new roof within the next few years.
You read my mind. That's exactly whtat I was thinking when I read the OP's post. A 10-15 year old house is going to have higher maintenance because it's about to need everything replaced, definitely the roof, very possibly the heating and airconditioning system, probably the water heater, etc. Since the 30 year old house was recently updated, the maintenance will be much less.
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