Home Buying in 11375>Question Details

rssraj, Home Buyer in 11375

Too old to buy?

Asked by rssraj, 11375 Fri Jan 27, 2012

Guys

I was discussing this a friend who said that a 1920's house was simply too old to buy and is a bad bet. He felt that building materials always get worse as time goes by and that's simply too old to buy into. I'm not sure I agree with that. I think that a house built in 1920's but maintained well would probably fare better than a house built in the 1980's and not maintained very well.

Also I don't have much of an option given all houses around me in this neighborhood of NYC are built between 1920-1935. I don't think a 1935 house would be too much different than 1920

What are everybody's thoughts?

Thanks

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Answers

9
rssaj,
Every house has two ages, one based on the year built and one called the "effective age". The effective age of a home will reflect its updates and maintenance. A well maintained, updated or remodeled home built in 1920 may have an effective age of just a few years.
A poorly built and maintained home built in 1990 may be older than its calendar age. Appraisers use this system in determining the final value of a home.
1 vote Thank Flag Link Fri Jan 27, 2012
What does your friend say about the White House?
0 votes Thank Flag Link Thu Feb 16, 2012
As with most all older homes, you want to look into updates and overall structure/foundation of the home. If the home has been well maintained and no major improvements are required in addition to a solid foundation (You will find that often homes of this era have have foundations adjusted or bolstered), then you might be good to go...of course after doing research on the sold 1920's comps in the neighborhood.

Most people that want vintage homes like this also desire the neighborhood in which the home resides. So, if the home is priced fair and solid and will enhance your happiness-Go for it.

-Mike
0 votes Thank Flag Link Thu Feb 16, 2012
Hi, in my opinion homes built in 1920, if maintained are approximately half way through their life cycle. Brick homes will last even longer without need for major structural work. Think of all the beautiful old homes you'd love to own on your next trip to Europe. Some of them are 400+ yrs old. :)

So, get a good home inspector and don't think twice about whether to buy an "old" home.

good luck!
0 votes Thank Flag Link Wed Feb 15, 2012
This is an older Home But it was Completely Gutted and Renovated if you interested. Also, there are no fees with it. No Realtor Fees, Closing Costs Paid For you and You get Back all of Your Down Payment. Check it Out: http://www.MyFreeHouse.Tk
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0 votes Thank Flag Link Mon Jan 30, 2012
Keep in mind that older homes were built to last and have weathered many storms; therefore if the property is well maintained, and no real issues uncovered during a professional inspection, no reason not to consider the purchase.
0 votes Thank Flag Link Sat Jan 28, 2012
Wow - what great responses. Many agents who hang out here write with such tact, very concise at times and with a great flow of words otherwise

Thanks!
0 votes Thank Flag Link Fri Jan 27, 2012
Your thoughts are well founded. Some of the most beautiful and secure homes in this country were built even before the 1920's ( look at the White House where the president lives). If you viewed a property and it looks healthy and well maintained I would encourage you to go one step further and have an inspection done on the property. Be prepared for the inspector to make a list of upgrades, repairs and improvements that you should make on the property. Of course you havent mentioned several things that should be considered when someone is considering buying an aged property, and there are several considerations.
One consideration is the purpose you are buying-If you are buying a home for your family to live in- you would want to give consideration to how long your family might be living in the home. The longer you plan to live there the more of a committment you should be willing to make to repairs and upgrades so the home gets healthier over time, therefore increases in value. If you are going to live in the residence for 7-10 or more years, before buying you should research which direction the community is going. Is it getting healthier, is it a neighborhood in decline.. Even then you will face a whole series of considerations once this information is established.
There is much more to say ancd consider, please look for an agent that has the ability to properly help you in reaching this decision. But I must say, your basic premise is very correct. But, not every buyer is capable of this kind of thought and consideration. I can only say you must be exceptional and thoughtful. I will also say your friends are only reflecting their own thoughts and limitations. I am sure they mean the best for you. But, they may not have the ability to think as deeply as you. I hope this has been helpful.
0 votes Thank Flag Link Fri Jan 27, 2012
I'm a big fan of the television series 'This Old House' and as the series is filmed around Boston MA they are quite often fixing up old houses from the 1700s!.

Personally I would prefer a home built prior to WW2 as they tend to have more character and detail that you can't find in newer homes. Plus they were built a whole lot better. If a home has been properly maintained there is no reason NOT to buy a 1920s home.

And as always, get it professionally inspected as part of your purchase.
0 votes Thank Flag Link Fri Jan 27, 2012
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