Recently, I had a discussion with my boyfriend about the type of house that we would purchase in the future. He has his heart set on buying an older house- the older the better. His reasons stem from the fact that he is big on history and historical value, and having an older home would add a touch of history to our overall living experience. I told him that this was fine as long as we were both incredibly well-off because the older the home is, the more problems you have with things not working or with things breaking down. While I appreciate his idea and even agree to some level, it is not practical for someone in our living situation. Down the road, this may be more reasonable, but for now it is not.
I tend to lean towards purchasing a starter home. Starter homes in the area that we live in tend to be pre-construction homes or homes which are currently being built and that you can purchase before they’re done at a lower price than what you would get charged afterwards. These types of homes, because they are newer, have far less problems than what you would encounter in an older home. And while they may not have the history attached to them, they still provide a comfortable living space for couples who are just starting out and would like to save a little money.
If you are thinking of buying a home, you need to take many things into consideration. While you may have your heart set on purchasing an older home for its historical value and endless design possibilities, you need to think about your current financial situation as well as all of the “hidden” costs that come with living in a house. For example, my parents’ house was built back in the early 1960s and they have just had to start doing some renovations on it because things have gotten older and are falling apart. The last time I was up visiting them, I went to take a shower and the water was ice cold. As it turned out, there was a problem with the boiler system, and my father had to call the plumber who came out within a matter of minutes to fix it because my father was at work and didn’t know how to resolve the problem himself (that’s what the specialists are for). In any case, the plumber was there for a few hours and managed to fix the issue, but guess what? The bill was over $400! This wasn’t a big deal for my dad, but if that had been me, I would’ve nearly died! All of the little things that come with owning a house such as maintaining the exterior appearance (I.e. lawn mowing, roof repairs, siding, fencing, etc.) costs a ton of money. Things like having the plumber repair something like a leaky faucet can add up quickly if you’re not paying attention.
When you buy a house, you need to keep in mind all of the expenses that will come along with it. Whatever the market value of the house is, plan to spend an additional chunk of money on top of that to come up with a more realistic price for yourself. In today’s economy, we can all afford to be a little more careful in our decision making, especially where a lot of money is involved.
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