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Pros and Cons of Buying an Older Home

KEY WEST, Fla. - Oct. 19, 2017 - Rezul -- Per Fred Mullins, Top Producing Member of Team Mullins at Coldwell Banker Schmitt in Key West and owner of,"When you enter the real estate market, you'll have a number of questions. And, you'll probably need to choose between a resale and new construction. In most instances, you'll have several homes on your list. But, if an older home makes your shortlist, you'll need to know the pros and cons of buying an older home:

Pros of Buying an Older Home

• Older homes are less expensive. This is often the main reason people buy a resale over new construction or newly built.
• More options available. Older homes will be a larger percentage of local listings over any other type of properties.
• Established neighborhoods. You've heard the real estate expression a home is all about location, location, location. And, it's very true because you're not buying a home on an island. An established neighborhood is a huge plus on many levels.
• More character and charm. Older homes usually boast character and charm that's simply not available in newer properties.

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• Larger lot size. In most instances, an older ho will occupy a larger lot size while a newer home will reside on a smaller lot.

Cons of Buying an Older Home

• More maintenance. This goes without saying but it's worth mentioning. An older home will generally require more maintenance. But, this doesn't mean it's a money pit. Typically older homes are kept in good condition by their owners. And, that's good news because it means someone else absorbed the expense.
• Dated design. Although older homes generally possess character and charm, they might have a dated design. Of course, you'll immediately recognize when you first see it.
• It's already been lived in before. Okay, so this can be a mental barrier for some buyers while others won't have a problem. But, if you think about it, this is an advantage because you can ask the owner about any known issues or quirks.

• Fred Mullins, P.A. holds an MBA, B.S., real estate license the United States Coast Guard Master Captain's license and commercial pilot's license. With over 20years of cross-functional experience in real estate, international asset management, and construction management, Fred's experience places him as one of the top real estate professionals in the Florida Keys.For help with buying or selling Real Estate in the Lower Florida Keys, see

The Mullins Team

Source: Fred Mullins
Filed Under: Real Estate

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