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Pros and Cons of Buying an Older House in Riverside

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 Riverside.   

Pros of Buying an Older House in Riverside

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 Riverside would be a good move.

LARGER LOT AND MATURE LANDSCAPING

Two not insignificant pluses of buying an older house in Riversideboth stem from the fact that it is older. 

  1. 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.
  2. 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.

ESTABLISHED NEIGHBORHOOD

Similarly, when buying an older house in Riverside 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 Riverside.

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 Riverside agent at (866) 593 7012 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 Riverside 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 Riverside agent can provide valuable assistance to help guide you in the right direction. So if you’re considering buying an older house in Riverside, be sure to contact us at (866) 593 7012.

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