However, when you take away those historic and architectural craftsmanship advantages - and say compare 1960 - 1980s "older" homes to homes built in the last 10 years, (with location being equal) and especially the homes "properly" built from the last 4-5 years, then no, the older homes have less value.
The engineering, materials, space design, MEP systems and energy efficiency on the older homes can't compare - unless the "older" home has had major remodeling.
But I would give up all that "modern techno superiority" for one of the awesome Druid Hills Tudor mansions with stellar craftsmanship if I could afford one! Of course if I could afford one I would install all my favorite energy efficiency systems - geothermal, low e, solar, etc in an invisible way.
Professional Buyers Broker
New Home Construction Expert
ICC Code Certified Building Inspector
Corporate Relocations | New Construction | Luxury & Investment Properties
Especially in the intown neighborhoods and close in suburban neighborhoods like Marietta Square, historic Roswell, etc., there CAN can be more value place on historic homes because of the special charm and character that they have--and they're usually located in wonderful walkable neighborhoods with tree-lined sidewalks and nearby restaurants and shops.
The architectural details of these homes cannot always be duplicated without quite a bit of additional cost in newer construction. The wood used in these homes is dense, "old-growth" wood that doesn't exist anymore; the great "wavy glass" in the windows is uniquely historic (but also single pane--which may or may not be something you can put up with--but there are always invisible storm windows!)
Bottom line--Atlantans value their old, historic homes, and many of these homes have been standing 60-90-plus years and may outlast many newer construction homes that haven't been put together nearly as well. However, they do take a little more TLC, and their floorplans may not be as desirable as the more open floor plans that new homes offer. For some of us; however, the trade off is worth it. I love being in a home built in the 20's and imagining all the other people that have lived there before I arrived. So new vs. old--it's in the eye of the beholder!
It will however have some great qualities new homes lack:
1. well established neighborhood
2. larger yards
3. more sound. built with better materials and workmanship than new homes.
4. more unique character, new homes look like cookie cutter homes. they all look the same. older homes are unique.
Kawain Payne, Realtor
Many existing homes can be purchased for much less than it would take to build or replace the home. meaning you are walking into future equity.
A home that is built, for you will be at costs. With this there exists some possiblities that a new constructed or renovated home may compare to a set of homes nearby that are selling for more than your costs to construct/renovate and so this an example of instant equity.
Each neighborhood/area is going to be different. I have expert Real Estate Agents who my clients can rely on to give them advice on both outcomes.
I hope this helps,
For more questions, please feel free to call.
Senior Mortgage Consultant
Cornerstone Mortgage Group
6151 Powers Ferry Road NW
Suite 610 Atlanta GA 30339