Useful Life Of A Home
What do you feel is the useful life of a home? Or in other words, what would the max age be of a home be you planned on keeping long term?
Here's my specific situation. I am a college grad and just accepted a good paying job. I have rented for the past 5 years and hated every minute of it! (or at least the part where I pay the rent and have nothing to show for it). I figure in 6 months or so I will have enough capital to buy a muti-family home.
I will be living in it for 1-2 years in order to get owner-occupied rates. My area has an abundance of 2-3 family homes that are quite old (80-110). Obviously every home is different, but would I be putting myself in a bad long term situation by buying a 100 y/o multi? I plan on keeping the property after I move out for cash flow. Would I be better off spending more on a younger property (40-50) that may not have as good cash flow but may have less maintenance and better appreciation?
Thanks for the advice!
-Brian
theres obvious downfalls to such an old structure...
i jus moved from a 90 yr old house and it had some problems with leaks from upstairs...wooden floor panels comming up...etc...
but as long as you have a professional inspect the structure, and the foundation...there shouldnt be muc to worry about.
yea the house might be old...but if an inspector sais its still in sound condiition and will be in good condition for years to come, you have nothing to worry about...
some people are even particularly attracted to old homes like victorians...
any house must be inspected....cuz its old makes it no different
just make sure the inspector takes a bit more time...
~Andrew