An older home can save you as much as 45 percent

Newly constructed homes can be very appealing – with all their move-in ready features. But older homes may be more affordable in your region of the country, saving you as much as 45% compared to newer homes, depending on how much renovation is needed.

If affordability is your main goal, then consider buying an older home with solid bones, especially if you (or someone in your circle) have an eye for remodeling or interior design. Then you’ll be able to decide which rooms to remodel to add style, comfort and value to the house as you make it your home.

"Good bones” of a house mainly consist of the following elements:

• An uncompromised foundation
• A wall system with integrity
• Even floors
• Industry standard framing
• Reliable roof structure

It is best to have a licensed home inspector or a qualified contractor to check these structural elements. Generally, if these elements are present without deterioration, then the house has the potential to be updated and stylized.

The median age of houses in the U.S. is 40 years old, according to the 2022 American Community Survey. In Northeast states like New York and Massachusetts, homes are significantly older – at a median age range from 57 to 62 years old. Trying to find newly constructed homes in these areas is almost impossible.

So, don’t be discouraged if the affordable homes in your area don’t have wine-and-cheese appeal. Be creative, be bold, and consider making an offer on an older home. You could become the owner and designer of the next 5-star home in your neck of the woods.