An older home MIGHT have issues. A 1985 home is now 26 years old. I would suspect by now many things have been switched out on that age of a home including big ticket items like roof, AC/Heat and appliances. Items that don't change are the location, style of home, floorplan and other things. But don't kid yourself, a 5yr old home could have issues as well if the current seller has not maintained the home.
It all depends....(sorry no right or wrong!). You would need to research the particular home your looking at. It might be a great price, but needing many things done to it. A higher priced 1985 home might have had a lot of work done. Utilitiy bills could be an issue, but older homes with upgraded windows, AC and roof with a radiant barrier could be as energy efficient as newer homes. And you might get a better, more mature location with larger lots and bigger trees. Try not to worry about cosmetic issues and keep your eye on the bigger issues as we have mentioned above.
Now the last question. Buying an older, moderate priced home, is MUCH better than renting over the long run (5 to 10 years). Stick to a budget, keep your monthly mortgage bill in a low range and then you will not be "house poor" and have funds to fix things as they come up..and they will come up on ANY home. Hopefully you will work with an experienced Realtor that will discuss these issues and many more!
If you think there is a remote chance that a job transfer or other potential need to relocate within the next 5 years, I'd say rent. If you are 90% sure you will stay in the area, then seek out the best deal you can find as housing values will likely decrease some more over the next few years. The hard part is purchasing a property based on logic and not on emotion. The majority of the foreclosed you hear and see in the news were purchased on anything other than logic and as you can see the results ain't pretty. Be a smart, logical buyer and you will likely win the game in the long-term.
If your financial situation allows for purchasing a home, by all means you should. Consideration for age and systems in the home is a specific decision for each home that you evaluate during your process of viewing potential homes.
There are beautiful homes in Bay Forest and the builders there, if not a custom home, also built in a few other communities in the Clear Lake Area. I would be happy to give you additional information about the subdivisions if you are interested.
Wealth is definitely built from real estate appreciation over the long haul. If your investment goals do not include real estate, you should find out more about homeownership. Please let me know when would be a great to time to visit about your next purchase.
I will be happy to share more information and reasons for buying versus renting. Looking forward to helping you find the perfect home for your needs! Please call or contact me at your earliest convenience.
Your next realtor,
Bay Forest is one of Clear Lake's most desirable neighborhoods, and homes there typically are very well maintained. When it comes to renting vs. buying, I ALWAYS recommend buying - unless, of course, you are wanting a residence for less than 3 years or less.
Buying affords benefits that renting does not. For example, the interest on your loan is tax deductible - monthly mortgage payments for the first several years are primarily interest (lenders want their money first), with payments primarily to principal after the 9th or 10 years. So, for those first several years, your tax benefits are great.
Everyone's situation is different. I'm an Accredited Buyer Representative headquaretered in the Clear Lake area for the past 9 years, and having worked on behalf of first-time buyers, move-up buyers and second-home buyers, I can tell you that ya home needs to fit your individual financial and physical requirements.
Numerous homes built in the '80s have been updated cosmetically, as well as their various operating systems. And, typically are located in neighborhoods with beautiful mature trees, established schools and other amenities.
Whether a new or exisiting home for sale or for rent, finding just the right home for YOU should be the goal of your Realtor.
Owning a home is one of the best ways to create family wealth; in addition to pride of home-ownership, greatly contributes to financial stability. There are several homes in good condition in the price range and area you have mentioned. Let me know when you are available to meet and visit these homes.
832 818 5868
Your buyers agnet should be assisting you . OLDER homes are GREAT with seller disclosure you can determine what has been updated.
Expense is the same as anything else you have to maintain the home for proper working conditions Same as if you were to maintain your car
Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors