There’s no doubt about it: older homes have character. From that grand fireplace to the superb craftsmanship in the woodwork to the overall nostalgic appeal, older homes have a lot to offer. But they also have drawbacks, such as greater maintenance requirements and higher utility bills. So which should you opt for – a newer home or an older one? To help you with your decision, here are both the pros and cons of buying an older house in Cold Spring.
Pros of Buying an Older House in Cold Spring
ARCHITECTURE AND DESIGN
As you know, older homes often have “character,” unlike the cookie-cutter modern homes. They tend to have architectural individuality, coming in a variety of styles ranging from Victorian to Tudor to Colonial. In addition, it’s easy to see the superb craftsmanship and attention to detail lacking in newer homes. So architectural individuality is important to you, then buying an older house in Cold Spring would be a good move.
LARGER LOT AND MATURE LANDSCAPING
Two not insignificant pluses of buying an older house in Cold Springboth stem from the fact that it is older.
- First, land was more affordable in the past, and for-sale land was much more abundant. This means that the lots (and, of course, the yards) are significantly bigger than what you’ll find with newer houses.
- And because older houses are older, they have mature landscaping, in particular large, mature trees. Large, full-grown trees can add to a home’s value, as well as cutting down utility bills owing to the shade and windbreak they provide.
Similarly, when buying an older house in Cold Spring you’ll be buying in an established neighborhood with a definite, easily discernible character and personality. That means you can know exactly what kind of neighborhood you’ll be buying into, and, as a result, you’ll be able to determine whether it’s right for your and your family.
LOWER PURCHASE PRICE
One of the most attractive pros of buying an older house is that it typically costs less to purchase than a newer house. Even though you’ll be paying for all that charm, character, and individuality, most of the time you’ll pay less. In fact, a newly built home can often cost 30% (or more) than an older home.
Cons of Buying an Older Home
GREATER MAINTENANCE DEMANDS
While the age of an older home can be a plus in some ways (as we pointed out above), it also has its downsides. Chief among these is probably the greater maintenance demands and cost. The plumbing and electrical systems are older, floors may slope from settling, and the HVAC may no longer be up to the job. These are all things you’ll have to deal with when buying an older house in Cold Spring.
PROBLEMS WITH FUNCTIONALITY
Older homes were built with different lifestyles in mind than what we have today. So, typically, they have smaller rooms, less storage, and fewer amenities than modern buyers would like. The upshot, then, is that an older home may not be a good fit for your modern lifestyle.
HIGHER INSURANCE COSTS
Buying an older house may also mean that you pay more for your homeowner’s insurance. Older materials, outdated plumbing, and aged wiring can present health and safety hazards. As a result, your insurance will cost you more. Be sure to consult your Cold Spring agent at (914) 407-3322 to find out more about this concerning an older house.
LOWER ENERGY EFFICIENCY AND HIGHER UTILITY BILLS
Maybe the biggest con of buying an older house in Cold Spring is the lower energy efficiency, which typically means higher utility bills. Many older homes have high ceilings, little (if any) insulation, and single windows, all of which contribute to significantly reduced energy efficiency. And then, of course, it will take a good chunk of cash to modernize and make the necessary energy-efficiency upgrades.
Making the Decision
So should you buy an older or newer home? The answer depends on your needs and wants, as well as a careful weighing of the pros and cons. But you don’t have to do it all alone. An experienced Cold Spring agent can provide valuable assistance to help guide you in the right direction. So if you’re considering buying an older house in Cold Spring, be sure to contact us at (914) 407-3322.