The Pros and Cons of Old Homes: Are They Worth the Investment?

Buying an old house is something of a double-edged sword. On one hand, these homes will certainly be rich in character and charm. On the other hand, they have some negatives that need to balance the decision-making process.

Many old homes carry a lot of historical value and craftsmanship, that, according to NY real estate developer Dov Hertz, “Old homes often reflect unique architectural styles that are hard to find in modern builds.” This gives a home character and beauty, making it more desirable to buyers seeking housing with a certain character and nostalgia.

However, the risk of heavy repairs is one of the main downfalls. Most aged homes will require major refurbishments that would meet modern efficiency and safety standards. Dov Hertz says, “Invest in a proper inspection to know the probable costs involved.” Failure to assess those needs can lead to financial constriction and frustration in the renovation process.

Moreover, old houses need a special type of upkeep that may be time-consuming and costly. Dov Hertz advises buyers thus: “Factor in the ongoing maintenance costs associated with older properties.” Such foresight will enable buyers to make an informed judgment regarding whether an old house will be a good investment.

In addition to that would be the resale value of an old home. Though they tend to appreciate overtime, their historic nature makes the market unpredictable. Dov Hertz says, “Research the market trends in your desired area to gauge the potential for future appreciation.” This information will allow the buyers to avoid pitfalls as well as ensure sound investment decisions.

In summary, old houses are always worth investing in as long as the clients are prepared for the challenges present. Weighing pros and cons as well as getting professional advice is a great step that should be taken when buying an old historic property.

Please also listen to this podcast: The FORT Podcast: Dov Hertz on Mastering NYC Real Estate