HONOLULU (HawaiiNewsNow) - If you are considering buying an older home, there are a few things you should consider. Cliff Colvin, a Realtor with Coldwell Banker Pacific Properties joined us on Sunrise this morning for Real Estate of Mind. Check out video of his interview and take a look at his notes below.
"Pros and Potential Cons of Buying an Older Home"
Pros: An older home is a well preserved part of Hawaii's heritage.
- The charm, workmanship, patina, and materials are often difficult to find in newer homes.
- You may get more land and therefore more privacy, because land wasn't as much of a premium in the past as it is now so lots tend to be bigger.
- An older home may be able to qualify for a property tax exemption as a Historic Home. Contact Historic Hawaii for information.
- Older homes are often in very prime locations.
Potential Cons: People lived differently in years past, so homes were designed differently.
- Floor plans may not be as open as today. You may find more rooms and more walls.
- Building codes have changed over time. If you don't remodel, there is no need to bring something up to code. But if you do remodel, you may need to make unplanned changes to comply with current building codes.
- It's especially important to pay attention to all inspections and surveys to ensure you're well aware of the condition of the property.
Example Property: 3302 Tantalus Drive; 4 bedroom/4 full, 2 half baths; $2,990,000 FS