Are older homes more expensive to maintain?
Homeownership can sometimes be a mixed bag. On one hand, it’s how most every-day Americans build generational wealth. On the other hand, you now have an asset that requires maintenance and attention. As the asset ages, the property will typically need more maintenance and even a complete update from time to time. One common concern that often arises is the cost associated with maintaining older homes. An older home can be a source of charm and character, but it's crucial to consider the potential maintenance expenses that might come with it. Maybe you start looking at that peeling paint or exterior siding with wood rot and suddenly that old house is not so charming anymore!
Factors Affecting Maintenance Costs
One crucial factor to examine is the age and condition of the property. As homes age, certain components may deteriorate or require more frequent attention. However, it's important to note that the maintenance costs are not solely determined by age but also by the overall condition of the home. Imagine you are buying a 1969 Stingray Corvette that was meticulously maintained by its one owner who can provide you with receipts for every oil change and every repair vs. your run of the mill 2002 Camry that was passed down from one sibling to the next and all of the kids tried jumping the steepest street in the city at one point or another with the poor car. Homes that are well maintained by the current or previous occupants (Tenants or owners) will have less maintenance issues overall.
When homes get older, the wear and tear on various systems and structures becomes more apparent. Older homes may experience issues such as plumbing leaks (Cast iron drains, mixed galvanized and copper piping and even clay sewer lines might exist in your older property), outdated electrical wiring (Knob and tube or aluminum wiring), as well as deteriorating roofing materials (I’ve seen 5 layers of asphalt shingle on top of cedar shingle before). Regular inspections and preventive maintenance can help identify potential problems early on, reducing the likelihood of costly repairs in the future.
Maintaining an older home requires a proactive approach to ensure its longevity and minimize unexpected expenses. Regular maintenance and upkeep can help address minor issues before they escalate into major repairs. This includes tasks such as inspecting and cleaning gutters, servicing HVAC systems (Cleaning coils as well as replacing filters regularly), and monitoring the home's foundation. By investing in preventative measures and routine maintenance, you can effectively manage maintenance costs and preserve the value of your property.
Many older homes feature craftsmanship and materials that are not commonly used in modern construction. For example, hardwood floors, ornate plasterwork, or intricate woodwork require specialized care and maintenance. Restoring and preserving these unique elements may involve hiring skilled professionals with expertise in historical preservation. Additionally, certain materials or components used in older homes may be discontinued or harder to find, making repairs more complex and potentially more expensive. It's essential to consider these specialized maintenance needs when budgeting for the upkeep of an older home.
Common Maintenance Issues in Older Homes
Some common maintenance concerns in older homes are the plumbing and electrical systems. A house is no more than a shack without functioning plumbing and electrical. Over time, these systems may become outdated and pose potential risks.
Older homes may have plumbing systems made of materials that are prone to corrosion, such as galvanized steel or lead pipes. These materials can deteriorate, leading to leaks, reduced water pressure, or even water contamination. Similarly, outdated electrical systems may not meet modern safety standards and could pose fire hazards. As car purchases shift to electric vehicles, many Californians are updating the electrical of their older homes so they can install class 2 chargers and finding out the existing electrical wasn’t very safe.
Periodic inspections by qualified professionals are crucial for identifying potential plumbing and electrical issues in older homes. By investing in regular maintenance and upgrading outdated systems, you can do your best to mitigate the risk of costly repairs and ensure the home remains safe and up to code. New construction material technology is being invented all of the time. For example, PEX plumbing is a suitable and inexpensive alternative to copper plumbing when retrofitting an old home.
The structural integrity of older homes can deteriorate over time due to factors like weathering, settling, or inadequate maintenance. These issues can compromise the stability and safety of the property. As homes age, foundations can shift, leading to cracks in walls or uneven floors. Not all foundations are built equally. If your home is especially old, your house might be on a stone and mortar foundation instead of a concrete foundation. Additionally, wood structures may be susceptible to rot or pest infestations, compromising their strength and stability. It's essential for homeowners to address these issues promptly to prevent further damage. You don’t want a small roof leak turning into moldy drywall and flooding on your hardwood floors.
Energy efficiency is also a concern for homeowners with older heating, ventilation, and cooling (HVAC) systems. These systems may be less efficient, leading to higher energy bills and a less comfortable living environment. Older HVAC systems often lack the energy-saving features found in modern systems, resulting in higher utility costs. Inefficient insulation and outdated equipment can contribute to energy loss and reduced indoor comfort. We recently updated a Victorian home built in 1896 that had zero insulation inside of the walls. To preserve the integrity and character of the home without causing extensive repairs, we decided to do blow in insulation and patch the small holes made in the interior walls instead of ripping out entire sections of plaster.
DIY Dangers
While some homeowners may opt to DIY (Do It Yourself) when it comes to property maintenance in an effort to save a chunk of change on what could be costly maintenance, it's important to be aware of the potential risks and challenges involved. Older homes may have complex systems, unique construction methods, or outdated materials that require specialized knowledge for proper maintenance. Inexperienced DIY repairs can lead to costlier issues down the line and compromise the integrity of the home. Most people wouldn’t be able to recognize lead paint or asbestos without the property experience.
Final Comparison: Older vs Newer Homes
Are older homes more expensive to maintain compared to newer builds? Well, as always, the answer is it depends. Each property is going to have its own unique issues and considerations that may tip the answer to this question in either direction. Maybe the new build you’re considering purchasing is built of high-quality materials, but those materials require much more specialized maintenance. The saying, “They don’t build them like they used to,” can be a very true statement. Sometimes, older homes are made from higher quality materials than are used in modern construction such as old-growth wood framing which tends to last longer and requires less maintenance than what is used in newer homes. The rule of thumb is that older properties are more expensive to maintain especially when you are leasing them out, but you should always do your due diligence no matter what type of asset you are investing in.
By considering the potential issues and costs associated with them in older homes, you can make informed decisions that can put you in the best financial position. If you’re interested in hiring a property manager for your old (or new!) home, Realicore is here to give you peace of mind. Or, if you’re interested in buying or selling a property (no matter the age) please contact us at (909) 810-2108.
