The perception that new homes cost more than older homes may not always be accurate. According to a Home Advisor survey, homeowners spent an average of $3,192 on annual maintenance in 2020. Additionally, more than 30 percent of them were forced to complete an emergency that cost an average of $1,640. Older properties are more prone to these maintenance and repair issues than new homes, and these costs can add up to make an old home costlier in the long run.
Common Issues Found in Older Homes
Repair and Maintenance Issues
With an older home, everything can fall apart at the same time. You may need to carry out several repairs for chimneys and stone foundations in need of tuck-pointing to worn-out floors that may be sloping.
Costly Replacement of Plumbing and Wiring Systems
If you are buying an old home built before sewer systems, you may need to budget for repairs of damaged drains that overflow. Tree roots and elements can break up sewer pipes over time and require urgent repairs. Apart from the plumbing system, you may also need to update the wiring system to make it more suitable for your electronics.
Smaller Spaces
In the past, people were largely content with less clothing, fewer personal items, and only one car. Consequently, many older homes are smaller in size, with small rooms that won’t hold all your belongings. Don’t be surprised if your aged Victorian house has no garage! To accommodate all of your personal belongings, you may need to undertake a costly remodel project.
HVAC System Update
An old HVAC system in an old home will definitely not lack one or more issues. As the system ages, it is bound to wear out and break down more often. Ideally, HVAC systems should be replaced after a decade or more of use. Apart from the HVAC system, you will also need other trendy updates in the kitchen and bathrooms.
Why it Makes More Sense to Buy a New Home
Besides the allure of moving into a new living space with your loved ones, there are many reasons why you should consider buying a new home.
- Little Maintenance: New constructions are more durable, and you won’t have to undertake any repairs or replace any appliances for the next 10 to 20 years
- Modern Conveniences: New homes feature modern fittings and appliances that suit your needs and tastes. For example, most homes come with refrigerators, built-in dishwashers, wine coolers, and microwaves. They also feature trendy designs, including master suite baths, workout spaces, and media areas. These are amenities that you won’t find in older homes.
- Energy Efficiency: Currently, many homes are built with green technology designed to save energy. Notably, more buildings use solar panels in line with the current codes of cities and municipalities.
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