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Bill Head
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Why You Might Want to Buy an Older Home

 

Sometimes the best deals in real estate will leave your friends and family scratching their heads and wondering what you could possibly be thinking. But savvy buyers can find true diamonds in the rough and make a great investment in the process.

 

Transitioning and “Wave” Neighborhoods
As a MetroTex REALTOR® I can tell you that there are a lot of neighborhoods in Dallas that are ripe for turnover. Some areas are in the midst of transitioning into trendy new hotspots with great local businesses. Others are seeing their older residents moving on to smaller homes, or homes closer to their grown children. Both offer great opportunities to invest in a more affordable home, update it and make it your own

 

Lower Cost to Buy
Older homes that don’t have recent updates can often be found for a much lower price per square foot than newer homes of similar size. If you are willing to invest in updating the home yourself or with a renovation loan, you can often find that your home’s value increases quickly.

 

More Recession Proof
If you buy a house in a neighborhood that is at the lower end of the market, you’re less likely to suffer big losses in value should the market recede. Plus, if you get in to an up and coming neighborhood early, you can enjoy watching it bloom with new restaurants, retail and cultural venues. The added benefit is that you’ll enjoy a nice return on investment

 

Location, location, location
Since many of the oldest neighborhoods are in urban areas, you’re likely to enjoy a much shorter commute and be in close proximity to a variety of dining options, cultural hot spots and entertainment venues. If you find an area that you love but can’t afford, look for a home a DART stop or two away so you can enjoy easy access to your favorite places and more affordable living.

 

Charmed, I’m Sure

One of the best parts about looking at older homes is finding their character. Older homes can have some fun architectural elements that you just don’t see in newer homes, like exquisitely detailed moldings, hardwood floors and fireplaces that have a rich patina from age, and unusual or vintage fixtures that can be refurbished to bring up to today’s standards.

If you’re struggling to find an affordable place to live but you haven’t considered an older neighborhood, you might want to ask your MetroTex REALTOR to help you forge a new path. There’s a lot of value to be found in older places, if you’re willing to give them a chance.  

 

For more information on buying, selling, and leasing property in Texas, speak with a MetroTex REALTOR® or visit dfwrealestate.com. 

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