Home Buying in 01604>Question Details

Eth, Home Buyer in Shrewsbury, MA

We are looking to buy a house in Worcester, MA (Shrewsbury is expensive for us). We have a house built in

Asked by Eth, Shrewsbury, MA Tue Jul 22, 2008

2004 and one in 1920 as shortlisted. The later is bigger and has more acreage. Hard wood floors too...We are, however, concerned about the resale value of this one, compared to the newer one, and also if this house would last another 10-15 years. What are the things that we should consider when buying an old house?

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As with buying any home, I strongly recommend you get a home inspection. I live in an old home myself. 138 years old. See if the home is insulated. Older homes tend to just have newspaper as insulation or none at all. Check for the supports in the basement. If you have a damp or wet basement the supports could be rotted as well as have pests. Old homes have lots of character to them, Things you don't find in newer homes, such as the moldings and the detail to door knobs etc... But they tend to need work frequently and with the age of the home and settling you are gonna find that the home probably is not square like a new home, when you go to wallpaper or replace windows. Becareful of Lead Paint, especially if you have children. Check the plumbing, is it updated and if not what condition is it in. Check the electrical, Is it fuses? Knob and tube? If its older it doesn't necessarily mean its bad, but you could pay a higher amount in house insurance. I hope some of this helps and I didn't scare you away from an older home. Good luck in your search.
1 vote Thank Flag Link Wed Jul 23, 2008
Eth, I have sold many older and newer homes in Worcester and surrounding areas. As long as the houses in question are in good overall condition there should be no problem with resale of either if they are in comparable neighborhoohs. In Worcester as with most areas it is LOCATION, LOCATION, LOCATION. What you may want to factor in for future resale is the fuel efficiency of the houses, is the 1920's era house insulated?, windows upgraded, efficient doors? As gas and oil prices continue upward, the overall cost to run the house built a few years ago may become more of a resale factor in the future. I as a realtor in the Worcester area can also be reached with comments or questions.
Jon Norrman, Coldwell Banker Residential Brokerage, 196 Park Ave Worcester MA 01609.
1 vote Thank Flag Link Wed Jul 23, 2008
The value of singles families is really in the land, so if the second one has a larger and better (flat) yard that will always help with future value. In terms of old vs new, obviously it depends on the home. A lot of people praise new(er) homes but quite frankly "homes aren't built like they used to" and a lot of new construction isn't great quality so sometimes you will find that the older homes are actually stronger construction and with some upgrades can be great investments. An inspection will tell you if there are problems too big to handle or afford. There are other factors that also go into maintaining value, like location (for example, is either home on a busy street?).

I hope that helps ... It's always difficult to give advice without checking out the properties. If you feel comfortable giving the addresses we might be able to give you more direct advice.
1 vote Thank Flag Link Tue Jul 22, 2008
Hi Eth,
First, I'd say that since the market has gone down since 2004, your newer home may not have as much value as when you built it (depending on how much of it is paid off of course) if you were to re-sell it in today's market. A good Comparable Market Analysis would be able to help you determine that. I think your older home is not that much of a concern because there are many older homes in Worcester County, as long as the condition is pretty good and you have kept it up as a homeowner. If you are concerned about its condition, then I would recommend doing a pre-home inspection for it so you know what you're getting into if selling the home. Any offer being put in on a property will be subject to doing a home inspection to it after the offer is accepted, so you, and anyone buying the older home, would have that option to decide if you or they want to go forward with the sale or pull out. Hope this helps. Let me know if you'd like a complimentary Comparable Market Analysis of either home. It can be emailed to you for your convenience as well. Take Care. Angela Dolber, Realtor, Prudential Prime Properties angela@pruprimehomes.com
1 vote Thank Flag Link Tue Jul 22, 2008
I have to agree with Michelle comment , keep in mind in some areas older homes COULD BE IN HISTORIC district that there are additional city restrictions regarding to home improvements. Here is Dallas the older homes are wonderful high demand.
http://www.lynn911.com http://www.homes-for-sale-dallas.com
Web Reference: http://www.lynn911.com
1 vote Thank Flag Link Tue Jul 22, 2008
I love older homes but just be careful and make sure you get a good home inspector to have a good look at the older home. It wouldn't scare me though.
1 vote Thank Flag Link Tue Jul 22, 2008
Sorry if this isn't the type of "solicitation" that you're looking for, but my wife and I are actually selling our house in Shrewsbury! Not sure what specific location, price range, or type of house that you're looking for, but the MLS listing # is MLS # 70789031. Again, I apologize if this is unwanted information...but maybe not!
0 votes Thank Flag Link Mon Jul 28, 2008
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