How Old of a House Should I Buy?

On the market for a house with old school charm and character, but worried the house may be too old? In this Redfin article, we’re answering the question “How old of a house should I buy?” to help you understand the pros, cons, and everything else you need to know about both old and new homes.

Whether you’re looking at a 1940s home in Buffalo, NY, a 1960s building in Cleveland, OH, or a 21st-century house in Provo, UT, we’re here to help break it all down so you can decide on your dream place–old or new.

Table of Contents

What is considered an old home?

There are several real estate terms for “old,” but typically any house built over 50 years ago can be labeled as “old.” A house over 100 years old may also be called “historic,” or “antique.” Whether a house was built in the 1930s or 1970s, old is old, and there are several factors that differentiate an old house from a new one.

Pros of an old home

Location

Older homes are typically located in desirable areas that offer more established neighborhoods, accessibility, and a strong sense of community.

Land

Many older homes also include larger lots with more mature landscaping than newer homes.

Architecture

Whether it’s Victorian, colonial, or craftsman style, older homes often have distinct character and charm and are built with high-quality materials.

“From unique wallpaper and original millwork to cozy fireplaces, stunning architecture, and even hidden rooms, older homes can offer a sense of character and craftsmanship that’s difficult to replicate in newer construction,” says Kayla Murphy, Marketing Director of Berkshire Hathaway HomeServices Laffey International Realty.

Some of those original materials and features may also be worth restoring rather than replacing. “Older properties have so much to offer, including construction materials and methods that really set them apart,” says Will Glasco, CEO of Preservation Virginia. “Like any home, older buildings have maintenance needs, but remember that repairing can often be better than replacing. With the right restoration craftsmen, things like historic windows can perform just as well as replacement windows, and original plaster can be repaired.”

Cost

While it depends on the house and the housing market, buying an older home has the potential for a lower purchase price than buying or building a new one. Older homes may also offer the potential for a high return if restored or renovated, making them unique investment opportunities.

Speed

If you’re looking to move in soon, purchasing an existing home is faster than building one.

Cons of an old home

Outdated

Older homes have the potential for outdated infrastructure like aluminum wiring, sagging floors, galvanized plumbing, etc.

“When buying an older home, buyers should look at the current condition of the house and how much repairs or updating could cost,” says Rich Noto of Dalton Wade Real Estate Group. “Older electrical systems lack the latest safety features, and buyers should also look for signs of water damage, rotted framing, pests, and general wear and tear on components like shingles, pipes, and siding.” 

Layout

While it depends on the home, several older houses’ layouts differ from newer ones with non-standard sizing, more closed floor plans, smaller closets, etc.

Repairs

If these outdated elements are unsafe, inefficient, or just not wanted, they’ll need to be replaced either immediately or over the years, which could become costly and time consuming. 

“When buying an older home, buyers should look beyond cosmetic updates and pay close attention to signs of water intrusion, foundation movement, aging electrical and plumbing systems, and the overall condition of the roof and structure,” says Heriberto Interiano of Home Inspections DMV. “A thorough home inspection can help identify these concerns and give buyers a clearer understanding of the home’s true condition before they move forward.”

Renovation history

“Buying an older home often means inheriting years of updates, projects and modifications,” says Doug of Cash House Closers. “Before my team and I purchase homes, we always check with the township or county to see what kind of permits and applications have been filed previously and then compare that to what we are seeing in the house. A new electrical panel in the basement, but no electrical permit, could be a red flag.”

Pricey upkeep

Older homes can often come with higher utility bills due to outdated aspects like poor insulation, outdated HVAC systems, etc. Major systems may also require repair or replacement sooner than those in newer homes.

“When buying an older home, look beyond cosmetic charm and evaluate the systems that drive long-term cost and livability, including the roof, electrical, plumbing, HVAC, foundation, and building envelope,” says Jacquelyn Heflin, Vice President of Property Management at RISE a Real Estate Company.“Review permits and maintenance records, and have the inspector pay special attention to moisture intrusion, outdated materials or code requirements, and deferred repairs so you can distinguish manageable character from expensive risk.” 

What to check before buying an older home

A thorough inspection is especially important when considering an older property. Along with the standard home inspection, pay close attention to a few areas that can lead to costly repairs:

• Electrical: Check the age and condition of the wiring, electrical panel, and outlets.
• Roof and foundation: Look for signs of leaks, structural movement, cracks, or deferred maintenance.
• Water and moisture: Watch for stains, musty odors, or other signs of water intrusion.
• Plumbing and sewer: Consider the condition of both the interior plumbing and the main sewer line.
  “When buying an old home, inspection of the main sewer line is a must,” says Realtor Joseph Speakman. “These old clay sewer lines can break, develop tree roots, and cause backups into the home. This type of repair can start at $10,000 or more, so having the main sewer line inspected is important when buying an older home.”
• HVAC and major systems: Consider the age and condition of the HVAC system, water heater, and other major systems, as older components may be nearing the end of their useful life and could require replacement. 

What is considered a new home?

Whether you’re the first to live in it or not, a “new” home is classified as one that was built 0-5 years prior.

Pros of a new home

Updated

Newer homes generally come with fresh paint, updated appliances, and modern technology that older homes may not have.

Low maintenance and utility costs

These updated features usually require less upkeep, which can save you money. Also, newer elements like HVAC systems and double-pane windows may also save you money since they’re more energy efficient.

Modern design

With newer homes come up-to-date designs like open floor plans, en suite bathrooms, and larger kitchens and closets. They could also have green and smart home features like thermostats or solar panels.

Builder incentives

If you’re looking to build your home, there are often money-saving incentives such as help with closing costs and interest-rate buy-downs. New builds also often come with home warranties, which can protect you from future expenses.

Cons of a new home

Pricing

While it depends, newer homes are often more expensive because of the brand-new construction. If you’re building a home, costs like landscaping, custom features, and the like can add up.

Homeowners association

If you’re buying or building in a newer development, you can expect it to be managed by a homeowners’ association (HOA), which may mean fees and restrictions.

Heightened competition and limited negotiation

Newer homes can be more desirable than older ones, making competition high (especially in busier markets), thus limited room for negotiation. Builders may also be less flexible on price than individual home sellers.

So, how old of a house should I buy?

Unfortunately, there’s no one-size-fits-all answer. Consider your budget, lifestyle, tolerance for maintenance, and what you want from your home. The age of the house is only part of the equation. Its condition, needed repairs, and the expected cost of maintaining its major systems can be just as important. 

When weighing an older home, consider not only what you’ll pay upfront but also what you may spend bringing the home up to your standards. “Buyers should look beyond the purchase price and consider the home’s overall condition, the cost of immediate repairs, and which improvements may be needed in the next several years,” says a representative from Cape Fear Cash Offer. “An older home can still be a great investment, but buyers should make sure the cost of bringing the property up to their standards makes sense compared with the home’s potential value after those improvements.” 

Ultimately, the best age of house to buy is the one that fits your needs, budget, and willingness to take on maintenance. Weighing the pros and cons of older and newer homes can help you find a property that feels like the right fit. 

FAQs

What are the key differences between old and new houses?
There are many differences between old and new homes, but the main five are design (layout), construction (quality and materials), systems, cost, and maintenance.

How do you determine the age of a house?
You’ll find several ways to determine the age, like checking public records or the home inspection report, reviewing the property deed or title, online research, or asking the seller.

Do new or old houses cost more?
Newer houses often cost more due to the modern materials and systems. While older homes typically have a lower initial cost, they may require repairs and renovations, which can be expensive.

Are old homes eligible for preservation status or tax incentives?
Some homes are, so check with a local historic preservation or planning office, local real estate agent, or search the National Register of Historic Places database to check eligibility.