Buyers Guide: Are Old Homes Safe Buys?

As the changes continue to come for the Windsor real estate market, so do buying habits. Some may see these changes as a great time opportunity to search for Windsor homes for sale as the power swings back to buyers with the recent key interest rate changes. While these changes have impacted mortgage pre-approval amounts and buying power, people can still afford homes, and older homes especially can become a popular target due to the lower costs. But you may be thinking, is it safe to send my Windsor real estate agent searching for houses for sale in Windsor that may be older and in your price range. One concern is does the age of a home matter?

In terms of the value and appreciation of the home, age doesn’t really matter. It will appreciate or depreciate at the same rate as a newer home. What really matters is the condition of the home. A home in poor or unkempt condition will see a significant negative impact in value. Remember a newer home comes with way less risks and potential issues, so a home in poor condition cannot compete with it. If that older home has been well-maintained and maintained in the way any home requires it can be in just as good condition. Don’t avoid all older homes, avoid the ones where the maintenance has been deferred, covered, or hidden. Inspections are an excellent tool to know just how good of condition an older home is in.

So here is the lesson. Don't avoid older buildings because they are old. Avoid them if they aren't well maintained or show signs of poor upkeep. A well maintained home, regardless of age, is a valuable home and asset.

Here at Jump Realty our agents will give you honest advice on what course of action is best for you in their professional opinion and will always put taking care of your best interests first! With offices in Windsor, Tecumseh, Kingsville, LaSalle, and Chatham, no matter where you are, a Jump agent is ready to help. Please contact us for any housing needs and let us give you a better real estate experience!