By: Sarah Williams

When it comes to buying a house, one of the first decisions you will have to make is whether to opt for a new build or something older. While new homes offer the latest technology and energy-efficient features, older homes come with their own unique charm and benefits. In this blog post, we'll explore the pros and cons of buying an older house, so you can make an informed decision.

Pros

Character
One of the main advantages of buying an older home is the unique character and charm it offers. Older homes can come with stunning original fireplaces, sloping ceilings, wooden beams, and crown moulding, all of which can add a touch of personality to your home. Regardless of the specific characteristic, older homes are generally just a bit quirkier than new build houses. Older homes can have a cozy neighbourhood charm that can't be replicated on a new build estate. 

Size
Older homes often come with larger gardens and more spacious rooms, which gives you plenty of space to play around with. This is perfect if you have kids or just love having a green space to potter around in.

Cost on buying
Another advantage of buying an older home is that they tend to have lower purchase prices than new builds. Because they have been standing for much longer, you can often snag them at a cheaper price.

Cons

Energy efficiency
While older homes may have character, they may not be as energy-efficient as newer builds. New homes are built with the latest energy efficiency codes and standards in mind, which means they can be significantly cheaper to run than older homes. This is because older homes may not come with all the energy-saving features.

Lack of storage
One of the unfortunate characteristics of an older home is the storage issues that may come with it. Newer homes come with modern installations, whereas older houses come with all sorts of quirky features that may cause problems when it comes to adding storage for all your items.

Costs after buying
Unfortunately, the money you save on the deposit and your monthly mortgage payments may have to be reinvested in the house itself. Older homes tend to come with older plumbing and wiring systems that may need remodeling or redecorating.

Maintenance
Older homes may require more maintenance than newer builds. This is because they may have outdated heating and cooling systems, roofing, and other structural components that need repairs or replacement.

Buying an older home comes with its advantages and drawbacks. It's important to weigh your options and consider what you prioritise when it comes to aesthetics, energy efficiency, storage, cost, and maintenance.  Ultimately, seek expert advice from your mortgage broker, and choose a home that suits your preferences and needs. With careful consideration, you can find an older home that provides both charm and practicality.