According to the U.S. Department of Housing and Urban Development’s American Housing Survey, the median age of an owner-occupied home in the United States was 35 years old in 2011, up from a median of 23 in 1985. More than 40% of the owner-occupied homes in the U.S. were built before 1969. Homes built from 2000-2009 account for 15% of the owner-occupied housing stock. Aging houses could prove to be a boon for home remodeling businesses, the study finds. Older homes tend to be less energy-efficient than new homes and y require more repairs. Our aging baby boomer generation may be mirrored by the aging of America’s housing stock. But even with the expenses incurred with an aging home, buyers still want to have the charm and warmth that a newer home does not bring. It may be hard to find it all without lots of elbow grease and pure work. Working with a Realtor who knows the pros and cons of new and older homes will be helpful in making decisions when purchasing a home. Cleveland, Tennessee offers a good variety of homes, especially in the historic district. There are older homes that still have lots of charm and may or may not need significant work. (Parts of this article were taken from The Residential Specialist, April 14- magazine for CRS members)
By Carol Kamm at Grandview Realty
Real Estate Services in Bradley, Polk, Hamilton, McMinn and Monroe Counties.