Shopping for house - how old is too old? (Fair Lawn: first time home buyer, water heater)
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We'd like to buy house in north jersey (first time home buyers), looking at Fair Lawn and north up to Mahwah, Montvale, etc...all those insanely overpriced towns. But anyway, considering our research and budget the newest house we can afford in that area is built in 1960s....and when reading other forums where people consider houses built in 90s old makes me worry. You probably know $500K in that area won't get you anything new.
Obviously if we are to buy house, we will have professional inspection and all, and let's say inspection checks out well, and that owners supposedly did necessary replacements and all, what should we be worried about?
Should we worry that because the house is so old, something major will keep breaking down all the time? Or how about if the house is 60 years old today, it'll be 80 years old in 20 years, will the value of the house grow?
How old is too old in that part of NJ?
But anyway, considering our research and budget the newest house we can afford in that area is built in 1960s....and when reading other forums where people consider houses built in 90s old makes me worry.
Our house was built in the '90s...the 1890s Before that it was a barn-not really sure how old but deed descriptions from the late 18th century show it as a part of the neighboring property. There is no "cutoff" age for a house-everything must be evaluated on a case-by-case basis. A poorly cared for house built in 1980 could be a bad buy while a very well maintained house built in 1880 could be a great buy.
Our house was built in 1923 from a kit that arrived via train car. Since then it's had AC installed, new furnaces in and out, the original oil tank removed from the basement, updated electrical, air sealing, insulation, new windows (at least twice), a new roof several times over, and renovated exterior siding.
Obviously we didn't do all that, but we did some of it. But it's a house we could afford and we made it better. To be frank, there's little of the house that can fail at this point. The interior equipment, dishwasher and dryer have failed, things like that, but it will happen in a newer home too, it's the cost of owning. But how old is too old? My in laws have a house from 1864. Houses are only old if they're not maintained and an inspector will tell you quickly if there's dry rot or other reasons to stay away.
Will the value of our house grow? Hopefully. But we didn't buy it as an investment, we bought it so we could have a place to live. If I was truly interested in using it as an investment I'd tear it down at the end and build new and double the price.
As someone who lives in a house built in 1857, in a town where most of the housing was built in the 1920's, I don't think the year matters as much as the repair history. My parents bought a 20-year-old townhouse and had to replace pretty much every moving part within the first year. Many of the old houses in my town have been meticulously maintained and have upgraded electrical, recent boiler and water heater, new roof, etc. Just because a house is old doesn't mean it's going to be a money pit. And just because a house is new doesn't mean nothing will go wrong.
In my town (Essex county), people move here because they prefer older houses and they hold their value very well. I can't speak for other towns with newer housing stock.
Your house inspector is your best friend. Follow him closely and ask a lot of questions.
Something major will most likely break. Even new houses have things that will break or need to be replaced because they were built cheaply or incorrectly. Plan and budget accordingly.
I would not worry because the house is old, I would worry if the house was not well built to begin with, if the house was not maintained or if there are structural or water issues.
Future value will increase or decrease largely because of location and the the area's economy.
Older home are not as valuable not because they are older but because they were not built with the amenities that today's buyers want (walk in closets, master baths, open kitchens, central air, 2/3 car garages)
Come again? 1902 here. Seems like you not lived in too many areas, nor homes in your life. Many 20 year old homes have just as many issues. I’ve lived in both, twice. And a home built 10 years ago, and one from the 50s. It’s dependent on how well it’s been maintained.
thanks to all who responded. very good to know and encouraging.
Another question....maintenance is brought up like roof, windows, electrical, boiler....I hardly ever someone bring up plumbing. Is plumbing big deal in older houses, or plumbing usually gets replaced every so many years?
thanks to all who responded. very good to know and encouraging.
Another question....maintenance is brought up like roof, windows, electrical, boiler....I hardly ever someone bring up plumbing. Is plumbing big deal in older houses, or plumbing usually gets replaced every so many years?
The big expense for plumbing is new bathrooms and kitchens if you want to change layout. Maintenance includes clearing sewer lines, clearing drains, frozen pipes, fixing leaky hose connections, toilets or dishwashers
Also check lead levels in drinking water. It’s an issue in NJ.
If it's done the first time well it's a long term replacement item, 50+ years. if they put them too close to the exterior so they could freeze it'll probably have been noticed long before you look at the place. Your main failure points will be drains and connections, like foodyum mentions.
Lead levels are actually upstream of the house from the supplier, so that's where you need to check, not the individual house.
Plumbing might be an issue. Replacing the sewer line to the street can be expensive. For an old house, I would consider bringing in a plumber separate from the regular home inspector and have him run a camera through the sewer line.
Tip: You can see the repair history (or some of it) by going to the town's building inspection office and looking at the permits that have been pulled. If the owner claims to have done work and you don't see permits, there might be an issue. Also question any permits that were opened but not closed.
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Before that it was a barn-not really sure how old but deed descriptions from the late 18th century show it as a part of the neighboring property. There is no "cutoff" age for a house-everything must be evaluated on a case-by-case basis. A poorly cared for house built in 1980 could be a bad buy while a very well maintained house built in 1880 could be a great buy.
