Are mid-century homes a valuable investment in Dallas?
While some homebuyers might be attracted to properties that feature the latest technology, houses built between the late 1940s into the 1960s may prove to be a worthwhile investment. According to The Dallas Morning News, homes built between this period are readily available throughout the city. These houses could prove valuable to property buyers, especially as the market for homes for sale in Dallas continues to improve.
Consider the advantages to owning one of the mid-century homes in Dallas when reviewing the inventory of properties for sale in the metro.
Property that passes the test of time with flying colors
Hurricanes, tornadoes and other storms have pummeled Dallas over the past 60 years. You can take solace in the quality of an older home, as this property has withstood its fair share of challenges. While other houses may have failed to maintain their quality, an older property maintains that character and charm that might have helped make it appealing to property buyers when it was first built.
However, it's important to understand that older homes might need repairs and renovations. Consider maintenance costs that you may need to complete after purchasing a house. Many potential issues may come to light during a property appraisal or inspection, you need to ensure there will not be long-term problems with the house in the future. Finding a home that provides significant value is possible when you examine the available properties in this metro.
Evaluate the costs
A new home might include the latest innovations, but could prove expensive to property buyers. Meanwhile, an older house might cost significantly less per square foot, and may be easier to obtain with an affordable fixed-rate mortgage.
In June 2012, Freddie Mac reported homebuyers could receive an average fixed-rate allowance under 3.75 percent. This represents a historically low rate, as average mortgage rates are falling due to several economic indicators.
Completing a cost analysis could prove valuable to property buyers to determine if a new home or an older property is a better investment. While some people may prefer the quaint, unique quality of an older home, others might want up-to-date features in their property. Reviewing your budget and your housing preferences may help you make the best decision for your future.
Regardless of the age of the house, you'll be able to find plenty of high-quality homes available in Dallas.