importance of age of home?

Asked by Rummus, Lowell, MA Tue Jan 18, 2011

Most homes are built during 1950s, 1960s, some are brand new too. I wasnt sure if age of home has any bearing on value of home. someone told me that buying a brand new home is not good idea instead should buy a well settled older home. Is this correct? Should i prefer to buy new home or older home?

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10
Jason Baez, Agent, Virginia Beach, VA
Wed Jan 19, 2011
Choose the home that you love and have a proper home inspection performed. There are winner and loser homes of every age!
3 votes
Christine Mo…, Agent, Wilbraham, MA
Wed Jan 19, 2011
A new home has a higher price because no one has lived in it. Like a car it depreciates. If you buy an older home you will get more value. It may not be as energy efficient, but it usually comes with trees and a nice neighborhood.
2 votes
Michael Emery, , Minneapolis, MN
Tue Jan 18, 2011
Changing tastes dictate home styles throughout the years. Homes from the 1920s to 50s tend to have formal dining rooms, big living rooms and multiple small bedrooms. They will have lots of hardwood and woodwork.

1950s and 1960s homes were often built with larger kitchens and living rooms but no formal dining room. They might have one good sized bedroom and several smaller bedrooms. Most will have hardwood floors but will have an absence of hardwood woodwork.

Homes built today tend to have open floor plans with big family rooms and an absence of formal living rooms and dining rooms. Kitchens aren't encumbered by walls. Instead they are open to the family spaces. Modern homes also tend to have more spacious master bedrooms with attached bath (as opposed to the bath down the hall). Also modern homes tend to have multiple car garages where homes of the past would be lucky to have 1 car garages.

It all depends on what you are looking for in terms of amenities that fit your lifestyle.
1 vote
Debra (Debbi…, Agent, Livingston, NJ
Mon Apr 16, 2012
Buy the home you fall in love with, but don't be lured by the idea that a brand new home is "better".

Some/many of the older homes were built sturdier than newer ones.......just like appliances..........my old Maytag washer lasted 30 years.........the person who installed my new one said:"You will be lucky to get 7-9 years out of it......they don't build them like they used to, and they don't build them to last that long"!

Any new home will definitely settle after a few years..............with an older ome, what you see is most likely what you will get.

Older homes can be updated and the inner systems can be new and last just as long as a brand new home..

A good home inspection can allay any fears you might have if you find an oldet home you want to buy.

Best wishes.........
0 votes
Tim Page, , 99037
Mon Apr 16, 2012
When I go to appraise people's home, many of them tell me that they will NEVER and I mean NEVER buy an older home. They just don’t want the maintenance costs, hire heating bill, and hire cooling bill or the other functional issues of older homes. That said, if you shop right in today’s market, you might be able to find a good deal on a home that has been completely updated and at the right price.
0 votes
Buyer, Home Buyer, Massachusetts
Mon Apr 16, 2012
According to the typical online valuators, every 10 years of age will depreciate a structure that was originally bought for 200k by about 15k for every 10 years of age. This is for the structure and not the land. There is also an additional premium to be paid for buying something new, which is a good 10-20% or more.

So a 20 year old house/land worth with similar characteristics (size and amenities) to a 60 year old house/land would be worth perhaps 370k vs 310k. The same house purchased new might be worth 450k.

This is just a general guide, and the numbers may vary with different valuators, different locations, etc. Building materials matter, and the condition of a house matters. If the older house has significant renovations, then the gap may be eliminated.
0 votes
Louis King R…, , 02472
Sat Feb 12, 2011
If you have kids under the age of 6, an older home is bound to have lead paint, which will be an issue.

Assuming neighborhoods, quality of construction, style, size and price are the same, then of course it's better to buy new.

Since that's unlikely to be the case in MA, the most important thing next to location will be the living space and size of the rooms. Always buy the home that already has the things that'll be most expensive to change.
0 votes
Joe Arnao, Agent, Sanwich, MA
Wed Jan 19, 2011
A well built home where you want to be, is what matters. Whether new or old, age is only one component and not the only indicator of a good buy.
0 votes
Melissa Bark…, Agent, Washington, DC
Wed Jan 19, 2011
It is a question of personal taste as to which floor plan and finishes work best for you and what you are looking for. Look for a home that has the items you want in it, number of bedrooms, size, location, etc.
0 votes
Heidi Zizza, Agent, Framingham, MA
Wed Jan 19, 2011
Rummus, again all these are independant personal answers. You cannot compare apples to oranges. Some people prefer brand new and others prefer the character of older homes.
0 votes
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