They don't build 'em like they used to!
But, that's OK with me. Although Steve and I have owned homes built in the 1800's, the 1900's and 2000's, older homes aren't for everyone. I know that there is something romantic about dreaming of living in an older home, but believe me, if your finances are fixed, sometimes it's not good to have a fixer-upper - even one that doesn't appear to be one at first glance.
Let's consider what you get with a typical 40 year-old home in San Antonio:
- 40 year old plumbing.
- 40 year old electrical system
- Single-paned windows
- Original insulation
- Out-dated floor plans (no game room and a formal living room)
- Original features
Of course, you also may get:
- More established neighborhoods
- Mature trees and shrubbery
- Closer to older employment centers
- Larger lot sizes
- Original features
You may have noticed that "original features" made the list twice. In older homes, the architecture and lot size are two of the most desired items and a reason to pursue your love of older homes.
As a Buyer, it's important for you to evaluate the cost of any updates and replacements that you would desire if you purchased an older home. In a newer home, you could probably forgo those and there are a lot of newer homes in San Antonio.
Just a couple more thoughts: Buyers often think they will earn "sweat equity", by renovating an older home, but that isn't necessarily the case. Generally, Buyers pay out of pocket for those remodeling costs and that can strain a budget. Even if you have the help of family "in the trade", there will be costs.
Besides, remodeling can put a real strain on your relationship and don't you want to be romancing instead of managing remodeling? Don't let the dream of "sweat equity", turn into splitting the equity with your credit card company getting the lion's share! After all, you could be out having fun on the Riverwalk!
If an older home is truly for you, call Steve. He used to serve on a city Historical Preservation Committee. He knows all KINDS of obscure stuff and is a great resource for ideas and replacement/renovation cost options. Steve can show you some great San Antonio areas like Alamo Heights, Terrell Hills and Olmos Park where you can find homes n beautiful neighborhoods with some charming features .
*Image used with permission of gifanimations.com
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