Many historic homes were built by craftsmen and with a great attention to detail and that’s one of the reasons why they rank high in the market. Features like wood beams on the ceiling, brick fireplaces, the high ceilings, the tall windows and high baseboards make these homes special giving them a rustic and romantic touch. The dream of owning such a home is pursued by many, but potential buyers should be aware that such homes may not be as practical as modern houses.
Older homes were usually built in top locations and they are closer to major amenities which makes them popular among the new generation of buyers who like to live close to the city center or near their downtown job. They were also built on bigger lots than today’s homes which means that they usually come with a nice front yard, a lawn, and a charming front porch. Older homes were built with more durable construction materials, including thicker walls and hardwood floors, which stood the test of time, as they prevailed as one of the top choices in today's homes as well.
They are also worth more on the market. Older homes are said to appreciate more compared to new homes, which means that if you were to sell it at some point, you could get more money for it, especially if you’d update it throughout the years and create the perfect blend of functionality and history.
Less storage space is one of the major drawbacks of older homes. They are smaller in size and have smaller closets. Today, people have more stuff and clothes so living in an old home may require some renovations to create more space. Maintaining an old home is also a challenging task since most of the time they require more care and updates due to the old materials. The roof and the windows are usually number one when it comes to repairs.
Heating and the electrical system are not that advanced as in practical modern-day homes. It takes more time to heat up the space, which automatically means higher utility costs. Knob and tube wiring, which is typical for older homes, is not suitable for this day and age. The biggest problem is that they are outdated and old and require replacement especially if the wires are meanwhile exposed to moisture and air, posing a fire risk. Investing in a new electrical system will not be cheap, but it will provide a safer environment. Home insurance is naturally more expensive for older homes than new ones because in case of a defect, the original materials have to be used which are more expensive of course and they are harder to find in general.
Some of the older homes are part of a preservation area and it doesn’t always benefit the owners who might not be allowed to make exterior changes to a house of historic significance.