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The advantage of a 50+ year old home is things like solid construction and hardwood floors.
The disadvantage is if/when it was updated for electrical, plumbing, HVAC, if it had asbestos or lead anywhere, if it has a cesspool (especially original), foundation cracks or basement leaks, repaving the driveway, rebuilding a rotting deck, etc.
The general rule is spending 1-3% of the purchase price on home maintenance each year.
whoa, really? so on say a 450k house you're looking at an average of $750 a month on maintenance?
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