Recently, Genworth Canada released a video entitled, “The Pros and Cons of Buying an Older Home.” Obviously, we normally focus on the new home industry, but we want potential homebuyers to be well informed no matter what kind of home they are considering. So, we think this is a video that you definitely need to watch if you’re looking at purchasing an older home.

The pros of purchasing an older home

In the video, Elli Davis, a realtor at Royal LePage, outlines a few pros of buying an older home. Some examples include: The home will have a unique facade, the landscaping around the home will hopefully be full and lush, and there’s possibly interior features like high ceilings, hardwood floors, and fireplaces in styles that you wouldn’t see in a new home.

The cons of purchasing an older home

The main concern when purchasing an older home is the possibility of major renovations, and not just the aesthetic of the home, but of structural elements. The roof, the exterior brick or siding, the insulation, the plumbing - the list goes on.

When purchasing an older home, it’s always a good idea to get a professional inspector to take a look at it before everything is said and done. Genworth Canada’s video also suggests getting actual tradesmen in the home to see if everything is functioning properly. Odds are, there will be something that needs fixing. Even after you’ve bought the home and moved in, and you think everything is in working order, something could happen. You should always have money set aside in case of an emergency.

So, old or new?

What do you think? Does it seem worth it to look for an older home? The pros and cons mentioned in the video kind of apply to new homes, as well. If you buy new, you’ll get a design that you couldn’t get if you were to buy old. And, you should always have your home inspected, or at least understand your warranty, which Tarion can help you with.

So, old or new? Let us know which way you’re leaning.