Check out these four tricks used to get you to spend more (without you knowing it).
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If you’re like the average home buyer, you’re probably considering a home that’s around 20 years old, according to the National Association of Realtors.
A 20-year-old home that’s been well maintained can be a solid investment. It’s new enough to feature modern conveniences yet old enough to provide an established place to lay your head. But after a couple of decades, a home’s age can begin to show.
So what should you look for? Here are a few good places to start.
Local experts you can trust.Find an ELP
The 20-year mark ushers in a period of upkeep for several standard home features and systems. The International Association of Certified Home Inspectors (InterNACHI) estimates the following components may require attention after 20 years:
- HVAC system
- Asphalt roof
- Kitchen appliances
- Wood fencing
If these originals haven’t been replaced in your dream home, it’s not the end of the world. They may have life in them yet. Just be sure you have three to six months of expenses socked away in your emergency fund so you won’t be broke if something goes kaput after you move in.
Failed Pipe Dreams
Polybutylene (PB) plumbing came onto the scene in the late 1970s and was popular through the mid-1990s because it offered a quick and cost-effective alternative to copper piping. Unfortunately, PB pipes couldn’t stand the test of time, and major leaks were common.
A class-action settlement reimbursed many homeowners for replacement costs, but that doesn’t mean every home has been updated. If you’re looking at a home built during the PB heyday, hire a certified home inspector to ensure quality plumbing fixtures are in place. An average two-story home with three bedrooms and two and a half baths could cost thousands of dollars to re-plumb.
Every now and then a 20-year-old home sends you on a trip back through time. You might find yourself surrounded by hunter green countertops accented by ivy wallpaper, brass and honey oak, mirrored closet doors and maybe even a sponge-painted powder room.
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Strangely enough, sometimes yesteryear’s décor can work in your favor. Why? Because many home buyers don’t have the imagination to see past the surface—and that could mean a really sweet deal for you.
Before walking away, ask yourself:
- Does the home have a good floor plan?
- Is it structurally sound?
- Does it have nice curb appeal?
- Is it located in a desirable neighborhood?
If so, it’s worth a closer look. Cosmetic fixes are often the easiest to make. It may require a small investment on your part, but a little sweat equity can add a lot to your home value.
Should You Stay or Should You Go?
Whether or not a 20-year-old home is right for you is your decision, but it’s always smart to get an expert’s advice. If you want a real estate agent you can trust, try one of Dave's real estate Endorsed Local Providers (ELPs).