The Pros 
Charm and Craftsmanship

• The level of craftsmanship and care that went into the construction of older homes is incredible 
• Beautiful mill work, leaded windows, picture rail, etc. are all stunning features that are unique to older homes
• The reality is that efficiency and cost are often prioritized over craftsmanship and attention to detail nowadays 
• A new home is going to be an altogether different product built with different materials

• Unlike some new subdivisions that are made up of 5-10 different floor plans throughout the entire neighbourhood, older homes are generally all going to be unique
• Older homes will inevitably have their own special variations
• The building process has become much more model-driven over the past few years

• As a general rule, the oldest homes are built in the most desirable parts of the city
• When the cities were originally developed, the residents would choose the best areas for their neighbourhoods and begin building their communities 
• You'll also be closer to an urban setting with walkability to entertainment and restaurants 

• Older homes are often built on larger lots with mature trees and landscaping 
• It's also not uncommon for older neighbourhoods to have a much stronger sense of community, with more neighbourhood gatherings
• There is simply no comparison to the feel of an older neighbourhood with mature trees, custom mill work, and charming front porch

• Older homes tend to hold their value well and appreciate more consistently over time 
• The real key is to look at stats in the specific neighbourhood you are wanting to buy in and see what development plans there are for the near future 

• Bear in mind that renovating an older home is also likely to cost you more than renovating a newer home, but the upside potential is phenomenal
• It stands to reason that remodeling a 50 year old kitchen is going to help you gain a lot more equity than remodeling a 10 year old kitchen

• Things like tuck-pointing foundations and re-glazing windows simply are not issues with newer homes
• Deferred maintenance can quickly lead to some significant expenses in older homes
• Keeping up on an older home is going to cost more than a newer home because of the age of the home and the materials it's made with
• It's a good rule of thumb to budget 1% of your home's value to annual maintenance 

• Our lifestyles and our needs have changed a lot over the last 100 years
• So older homes usually come with home hurdles with regard to our modern lifestyle
• Smaller rooms, tiny closets, choppy layouts, lack of garages, uncomfortable cellars, and less square footage are some of the big complaints you'll hear about older homes
• Make sure that the home will fit your lifestyle or that you have the budget to make the necessary changes

• Old homes are constructed with some materials that are better
• However, they are also built with dated and inefficient systems for heat, electrical, plumbing, and insulation

• Old homes are drafty; they're not sealed up as tight as new construction and typically cost more to heat and cool
• High ceilings, transom windows, large overhangs, window orientation, and a host of other things that can often go unnoticed were all very intentional features to help make the home efficient
• Believe it or not, an old single pane wooden window with a good wooden storm window is usually more energy efficient than a new double pane vinyl window 
• By far the best "bang for your buck" to improve the energy efficiency of your old home is to have the attic properly insulated 

• Take a look at the plumbing, electrical, and HVAC
• If the home still has galvanized supply lines, a clay sewer line, knob and tube wiring, gravity furnace or original boiler, you may want to start budgeting for replacing them, depending on their current condition
• Each of these items are costly to repair, and all of them can be easily overlooked if you don't pay close attention 

• The biggest enemy to the structure of your home is water
• Make sure the home has good gutters with downspouts that will keep water away from your foundations
• Look for areas around the home where the ground slopes towards the foundation and may trap water against it

• As a buyer, knowledge is power
• In making a purchase of this magnitude, it is of the utmost importance to have the right team on your side that is knowledge and looking out for your best interests