Is an older home a better value than a new one?

Asked by Trulia Chicago, Chicago, IL Tue Jan 22, 2013

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Bill J Deligiannis’ answer
Bill J Delig…, Agent, Naperville, IL
Wed Jan 23, 2013
Details, Details Details.

There are a lot of crap old homes and plenty of crappy homes that are < 10 yrs old.

Make sure you obtain an inspection of the home that should point out any deficiencies that may exist.
1 vote
Ivan Sagel, Agent, Chicago, IL
Tue Jan 22, 2013
It depends on what you value. I feel that older homes are built better, although system upgrades might be over due. It is best to hire a professional home inspection before you purchase. They will check key systems such as electrical, plumbing, heat/AC, foundation and roof.

Regarding poor building materials used during the housing bubble, just google "moldy metropolis" to get more info about split face concrete block construction.

All the best,

Ivan Sagel
0 votes
JIM Michaels, Agent, Chicago, IL
Thu Jan 24, 2013
This depends upon the condition of which I would have a inspection on the home to determine soundness
0 votes
Manuel Brown, Agent, Chicago, IL
Tue Jan 22, 2013
Dear Trulia,

While I agree with my colleagues to a point, which is better is dependant on how the original homeowner kept up with the maintenance of the house. Likewise, I have seen newer (5-6years) homes and condos where the owners cared nothing about maintenance or the upkeep and trust me they had maintenance issues.

One of the brokers pointed out something very important, during the period of 2003-2006. The issue was the cinderblock being used. Some developers knowing cut corners and did not use a weatherproof exterior cinderblock and as a result some home built in this period have moisture issue. This can be dealt with by having the cinderblock sealed at considerable expense. However, personally as a home buyer I would be worried about potential hidden mold and if it were my purchase I would get an inferred structural inspection before purchasing a home or condo built with cinderblock between 2003-2006.

Nothing replaces the expertise of a good home inspection!
0 votes
Mark Malave, Agent, Chicago, IL
Tue Jan 22, 2013
In my opinion, older homes are built better and if maintained will last.
0 votes
Matt Laricy, Agent, Chicago, IL
Tue Jan 22, 2013
It all depends. A lot of stuff can go wrong with old homes, but things built from 03-06 were done pretty bad too. I am surprised to say that a lot of construction done in the 50's is the best I have seen.
0 votes
Joe Schiller, Agent, Chicago, IL
Tue Jan 22, 2013
the short answer to a long complicated share is yes
0 votes
Philip Sencer, Agent, Chicago, IL
Tue Jan 22, 2013
Older usually means that future maintenance will be higher, but there are other factors to consider. Newer houses tend to be low maintenance, yet sometimes they are built poorly and cheaply.
The price of an older home might or might not be a better value. it all depends on the comparables for each.
0 votes
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