Home Buying in Raleigh>Question Details

Trulia Ralei…, Other/Just Looking in Raleigh, NC

Does an older home have more value than a new one?

Asked by Trulia Raleigh, Raleigh, NC Fri May 17, 2013

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8
Which value? There's tax value, market value, buyer perceived value, and seller perceived value.
0 votes Thank Flag Link Sun May 19, 2013
Depends on the location, the buyer and the market.
Web Reference: http://www.GetSoldOKC.com
0 votes Thank Flag Link Sat May 18, 2013
Without reading too much into this, a property's value is simply determined by its desirability in a given market. It's entirely possible that a literal shack can have greater value than a very fine home depending on circumstances that buyers find appealing and are willing to pay for.

So the age of a home can be a factor but it can also have no bearing on the value of a property.

Respectfully,

Bill
0 votes Thank Flag Link Sat May 18, 2013
Your question is subjective..............
0 votes Thank Flag Link Sat May 18, 2013
You have 3 very good answers already. There are a number of factors that determine the value of a home and much of that besides what you have already read lies in eyes of the person who wants to buy a home. Right now, I'm going through a phase where my buyers seem to want homes built only after 2000 and to them, anything older holds no value at all. But I've also had buyers who all they want is something older .

If I had to pick one factor that dictates value more than other, I would probably go with location. If you just look at anywhere in the Triangle and take two very similar homes that are let's say 10 miles from each other, one of them will defiantely be valued more. For example, values in Cary have been historically higher than values in Wendell, although new highways such as 540 and 64 have made access from Wendell to points west, .ie RDU & RTP, much easier so their values have risin over the past several years.
0 votes Thank Flag Link Sat May 18, 2013
Often times older homes have better location for the simple reason that as cities or town develop the best parcels were built on first. That said if an older home hasn't been maintained and updated, the fact is it's an old home, on a good piece of land. In general the craftsmanship and overall construction quality and in some cases the actual lumber used is better than most newer homes.

On the other side older homes come with challenges, their wiring and plumbing are older and often will need updating as they wear out. Windows, insulation, and mechanical systems are old and frequently inefficient t. Floor plans often aren't what the majority of today's buyers want and of course there can be lead, asbestos or other undesirable materials that were used in the past in the property. It's the rare older home that isn't going to require more maintenance than a new house.

Are they more valuable than a newer one, it's really a matter of opinion. Some folks love older homes, others like the idea more than the reality.
0 votes Thank Flag Link Sat May 18, 2013
Location! Location! Location! Still number one rule in real estate!
You know that old homes in Historic Oakwood area of Raleigh have a very high value. At the same time new home in a great location may be more attractive and valuable as well. It all depends on where it is, how well it is built and how much land it comes with, all these will make a difference in value.
0 votes Thank Flag Link Fri May 17, 2013
Value depends on condition. A 10 year old home in pristine condition would have a higher market value than a 1 year old home that's been abused heavily.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri May 17, 2013
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