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

Asked by Trulia Houston, Houston, TX Mon Apr 8, 2013

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Bill Eckler, Agent, Venice, FL
Sun Apr 14, 2013
Consider your question is terms of people.....

Do older people have more value the younger ones?
0 votes
Al Geffon, Agent, Houston, TX
Sun Apr 14, 2013
All I can tell you is that 60-year old, 2000 sq. ft. homes in my area of specialization (Meyerland, Maplewood South, etc.) are selling for upwards of $200/sq. ft. All the information submitted by my colleagues is accurate.

I've had numerous clients seeking newer construction, and falling in love with a "senior" property. As long as there are at least some updates, and the major issues have been addressed (foundation, under-slab plumbing etc.) the value of an established neighborhood cannot be overestimated.

One of the major issues of newer construction is that they're largely located in subdivisions where homes are still being built. In addition to lack of mature foliage, the true value of the property has yet to be established. Ask anyone who has tried to sell such a home ... competing with new construction is a distinct disadvantage, whereas property in established areas is currently selling almost as quickly as it's listed, and for record prices.

So to answer the question in general terms, yes.

Al Geffon
(713) 213-6350
al@geffon.net
Web Reference:  http://www.har.com/algeffon
0 votes
Georgina Van…, Agent, Houston, TX
Mon Apr 8, 2013
Beauty is in the eye of the beholder!!!
Older homes are in neighborhoods that are more established and full of trees. That is a plus for many people.
New neighborhoods are hard to predict even if the have HOA protecting them.and it takes a while for property values to go up. That usually does not happen until the last home has sold in the neighborhood.

Georgina Van Camp
Keller Williams Realty
832-622-5618
georgina@georginavancamp.com
http://www.GeorginaVanCamp.com
0 votes
Mark McNitt, Agent, Houston, TX
Mon Apr 8, 2013
Trulia,

You know the old saying.. Location, location, location!!

Yes, an older home can have more value. Sometimes a lot more. It depends on the location and the value of that area. Sometimes a new highway goes in, no more land to build on, a change in zoning laws or the building of something near by like a new office complex. All these factors and more can make an "older" home more valuable in the open market.

Many younger buyers tend to focus on new because they don't know how or are afraid of the unknowns in regards to upkeep of a home. But many of these older homes have been worked on by their current owners and possibly remodeled to have similar features as new. And very hard to find a pool with a new construction or less than 5yr old home.

Established neighborhoods have great charm, mature trees, etc. And many times better locations closer towards the city center. Negatives might include lack of newer amenities and possible older schools. Buyers need to way their options with an experienced Realtor!

Mark McNitt
m 832-567-4357
Bernstein Realty, Inc.
0 votes
Krystal Vill…, Agent, Houston, TX
Mon Apr 8, 2013
A home's age does not have much influence its value in my opinion. Rather, the location of a home has much more influence on the value, and in some instances there are a large number of older homes in the more valuable areas.

Truly,

Brandon Newton
0 votes
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