Many older homes offer superior products that are now too expensive to use, electricity, slab and pipes should be checked. Get a good home inspector, check out neighborhoods like Mission Hills, South Park, North Park, University Heights and Kensington to see the quality that has disappeared in many cookie cutter newer enclaves.
Sometimes older homes have larger lots than new ones, or other beneficial factors. It is very important to research all the differences, and then make a practical decision. You can for starters see what the dollar per sq. ft. living area is in both neighborhoods (old and newer), then start evaluating the additional factors.
The 203(k) Renovation Loan may be able to help you get the home you've always wanted, by turning a home that's almost perfect into the home that's just right for you. You can purchase and renovate your new home, all in one loan, with one set of closing costs.
Benefits of the standard 203(k) loan include:
1) No limit on repair amount; $5,000 minimum
2) Fees for five draws are included
3) Single-family homes, PUDs and 2-4 unit primary residences are eligible
4) Cost consultant fee may be rolled into the mortgage
5) Several months of Mortgage payments may be included in the loan if the property is not habitable
Don't let the wrong carpet color, lack of central air conditioning or a poorly designed kitchen stop you from getting the home that's almost perfect. If you have a vision of the perfect home, we have a loan that could help you bring that vision to life.
Some examples of allowed renovations are:
Upgrade electrical or plumbing systems
Remodel kitchen or bath
Purchase and installation of new appliances
Repair or replacement of structural damage
Install hardwood floors
New carpet or paint
Energy conservation improvements
These loans are especially great for FHA properties, older homes and REO homes but any home can benefit from some remodeling or cosmetic fixes, to make it your own.
Say you're shopping for a new home, and you keep finding houses that are almost perfect. Maybe the carpets are old and need replacing; maybe the paint is starting to peel; maybe you need a handicap ramp installed; maybe the furnace is just a little too old. Maybe you're checking out the REO or foreclosure and short sale markets and thinking that most of those homes need some work before you'd be happy in one of them.
Those problems don't have to be deal breakers. A 203(k) Renovation Loan can help you take care of those problems and turn a house that's almost perfect into the home that's just right for you. With a 203(k) loan, you can borrow money for repairs and upgrades in addition to your loan for the home itself, all bundled together so you only pay one set of closing costs and make only one payment each month for your financing.
These loans are especially great for FHA properties, older homes and homes bought on short sale or at foreclosure — but any home can benefit from some remodeling or cosmetic fixes, to make it your own. I can explain the details of the program and provide you with guidelines to stick to while you look at houses with your real estate agent, making it easier for you to find a home that will qualify.
We offer two types of 203(k) loans: the Streamline Renovation loan and the Standard Renovation loan
Feel free to call us
Mortgage Advisor, NMLS#247272
2550 Fifth Ave #167
San Diego, Ca 92103
The newer (2000 homes built have better safety features) the downside is they use cheaper materials and take lots of short cuts. Concrete slabs, Chinese drywall. The high ceiling and great room feature may look spacious but they are thermally inefficient.
If your spouse wants newer home the choices is find a cookie cutter home on a tiny lot.
Claire Reynolds || http://www.mustangbuilderscorp.com/custom-cabinetry/
We can do: FHA, Conventional, USDA, VA, HARP, Interest Only, Home Equity, Fixed, and Variable. Find out which product is right for you by calling Brad at (855) 415-5626.
Sr. Loan Officer
Crosscountry Mortgage Inc.
Toll Free: (855) 415-5626 ext. 5734
Obviously, as homes age, maintenance costs rise.
Life of home is dependent on quality of construction. This also varies by builder.
If you find an older home, ask some of the neighbors. See what they have had to replace and their thoughts.
Best of luck,
Kindred Real Estate
If you need advice on this or have other questions and need help in finding a good home, please don't hesitate to contact me.
CEO and Founder
Reef Point Realty & Construction
Quality of construction and materials used is the more important factor. As not only a licensed broker, but also appraiser and general contractor, I have seen a ton of homes, built the same year (lets say 20 years ago) with significantly different issues due to building quality and care of home.
One of the biggest items is if water has been kept away from the homes foundation and stucco. A lot of home owners like to put flowers right up against the home. These flowers get sprinklers or drip systems - and hence water on the house.
I suggest asking the neighbors in the area what items have they had to replace in the last five years. depending on materials and construction you may hear of roofs, re-piping, air units, heat units, windows.
Best of luck,
It's unlikely that a 20 year old will be purchased by you without Inspection and
Previewing the property. An inspection report will tell you any issues, good or bad.
Hence, work with a Realtor.
Homes in California if taken care of will last about 100 to 150 years.
We are seeing several in San Jose, Bay Area that are well over 115 years.
Now a days, roofs are being replaced with life time roofs or 50 year roofs, copper plumbing
That should last 50 plus years, and if the foundation is preserved well by having proper drainage
And keeping it dry then one is in good shape. Electrical panels are good for 55 plus years.
If there is no rodent activity, then the electric wires in the wall should stay sound.
Also, a key issue is termite, hence one should do regular pest control monthly, whether buying a new or old home, or do a termite inspection that may cost up to $200 once every three years.
Alex Shadpour, CRSÂ®, ABRÂ®, SFR
REALTORÂ®, ZipRealty Team Leader
Business: 858.605.1911, Fax: 866.886.4874
ZipRealty, Inc., License #01459622
Council of Residential Specialists (CRSÂ®)
Accredited Buyerâ€™s Representative (ABRÂ®)
Certified Short Sale & Foreclosure Resource (SFR)
In 1993 we had a fire and I ended up having to rebuild part of it and replace the entire roof because smoke bellowed through the entire attic. I ended up actually adding 2500sf. The new construction was slab on grade, drywall and utilized the building materials that had evolved during the 80's & 90's building boom.
20 years later I have to say that I am now having more deferred maintenance issues with the newer construction than I've had with the older part of the home. This is certainly evidence to me that that age old adage "They just don't make things like they used to" really bare some truth.
We were looking recently in South Florida. In addition to new homes, we also looked at homes that were around 25 years old which were fine and a few (in certain art-deco neighborhoods) built in the '20s and '30s. those weren't so hot even when remodeled.
I also owned a home in LA for 6 years during the mid '80s. It was about 30 years old at the time and we had no problems. If the house has central air and the condensor and air handler are more than 15 years old, you might try to get the seller to install a new one - or as a concession pay for a good quality home warranty with appliance, roof and A/C coverage.
Reassure your wife depending on the upgrades and remodeling/replacements on the 20-year old property. It's probably just fine.
The lifespan of a home depends largely on the ongoing and continuing maintenance you're willing to put into it. Some folks ignore it and end up at the end of the day with a huge amount of deferred maintenance. One way or another homes, like an automobile, a boat or even a human being has to be maintained.
There's nothing in this world made by man including MAN himself that doesn't have to be MAINTAINED. SORRY.
Feel free to contact me with questions, or for help in finding a good home.
DRE Lic # 01443391
If the home you're considering was one that was involved with one then chances are you'll be OK as far as any defects are concerned providing the settlement money was spent on resolving the defect issues. But as others have so aptly stated the home is only in as good of shape as the previous owner/s have maintained it.
You have to look at a home on a case by case basis. As a general contractor for the past 30 years and a real estate broker, developer, property manager and investor I can only say that it's up to you to do your due diligence and work with an honest RE professional and home inspector. Good luck.
I have lived in Fort Lauderdale for many years and have seen my neghbors build a home to suit their needs and then the next family might want to have a bigger home and will tear down a 10 year old home and build a larger home on the lot.
I grew up, moved and have owned many different style loans. My home right now is a townhouse in San Diego built in 1993 and I have a condo in Florida that was built in 2005.
As a Realtor, I have sold homes which were built in the 1920's all the way up to new construction here in California. There are many factors in choosing a home such as how well it has been taken care of and what style of home you like. New construction does not always mean that the workmanship is great. But, The most important factor should be finding a home you love and that the home is in a location that you like and want to live in!
All homes require maintenace to keep them in good working order. When you sign a contract on a home you have the right to do inspections. If you find any problems; you then negotiate them with the Seller or move on. In my opinion age makes no difference. Maybe your Wife just wants a home that noone has ever lived in. Good Luck in finding the perfect home!
I work all around San Diego County and if I can help please give me a call.
Trudi Geniale - Owner
I would say that you will start getting into some deferred maintanence issues at that point (i.e. water heater, heating unit, roof, etc.) that you will have to budget for depending on their remaining useful life. I fix up and sell a lot of bank owned homes so when I see a home I will take notice of these issues and give a rough budget to the buyer. Then you can use that info to make a good offer and still have enough left to do the repairs down the road. The physical inspection is always recommended as they are usually ex-contractors and will give you a head to toe assessment of the problems once you are in escrow.
In San Diego there are many homes alder than 20 years so if you want a home that is less than 20 years old you will be restricting your search to certain areas and you will probably be paying some sort of HOA and/or Mello-roos fees.
If you need more info or would like inof on the area I can help you as I have bought and sold homes all over San Diego County. Otherwise hope this helps and good luck!
Make sure to get that home inspection and if you know any contractors or builders then get their advice and thoughts.
Happy Home Hunting!
Disadvantages are definitely maintenance. Termites are a big problem in San Diego and you will find active infestations in most older wood framed homes. Plus wood siding, roofs, metals and even plaster deteriorate over time, especially when exposed to unusual conditions such as ocean air and moisture which leads to rust and rot.
Same holds true for interior finishes, they deteriorate over time and are subject to constant abuse and damage. Of course, most of this is visual and you can tell as soon as you walk inside. If its dated, it will certainly look the part.
However, as I mentioned, many older homes have been well maintained through pride of ownership. Look for older homes in communities that have a high owner occupancy. These will come at a premium. Also, many older homes are being refurbished by investors, however, that is often the pretty finishes and not always deep into the bones.
In general, the newer the better, if you can find them in your price range. Usually the newer homes will come with association fees and added Mello Roos tax.
Hope this is helpful.
It really depends on the home and how well it has been maintained. I have walked into 30 year old homes that are perfectly maintained and 10 year old homes that have been trashed. The biggest thing to think about is yes, the major systems (plumbing, electrical, etc.) could be as old as the house. Like Stephen below, I cannot stress enough the importance of a thorough physical inspection. Let me know if you need help house-hunting. I would be happy to help you and your wife find the perfect home!
Real Estate Broker/ RealtorÂ®
McAllister Homes Real Estate
Residential Sales & Property Management
If you where to decide on and establish a geographical area you prefer to live in and establish a price range than see every property for sale in that area and price range you would become a very savvy home owner. Its not that difficlut of an undertaking. In my real estate years I walked hundreds and hundreds of people through the process and they were always happy with the results. There are a series for articles at Your-Road-Home.com that outline the process for you. You will also find articles on home inspection.
My advice has always been; gather information, gather information and...
Than after yu gather up all your information you will find loan officers and real estate agents on Trulia offering their services. Good source.
Best of Luck, Stephen