YOUR HOME YOUR WAY n THE BRANDON SUN n SATURDAY, APRIL 26, 2025
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BY ABIOLA ODUTOLA T he answer, according to local experts, depends on everything from financing and insurance to layout flexibility and available incentives — es- pecially for first-time buyers. Financial considerations vary more than some buyers expect between older properties and newly built homes, Sunrise Credit Union Brandon loan officer Corinne Beaulieu says. “When purchasing an old home versus a new build, the insurance and appraisal requirements dif- fer,” Beaulieu says. “When putting more than 20 per cent down, buyers would need an appraisal complet- ed. For an older home, an appraisal might not come to the price it is being sold at.” This means that even if the seller lists the home at a certain price, the bank might not agree that it’s worth that much — potentially leaving buyers to cover the gap out of pocket. On the flip side, Beaulieu says, newer homes tend to appraise at or near their purchase price, giving buyers a smoother financing process. Additionally, insurance premiums can sometimes be higher for older homes, depending on the age of the roof, wiring, plumbing and other critical systems. “Homes that are 50 years old and newer gener- ally don’t have many issues with this, but when you are dealing with older, character homes you can run into some issues,” Beaulieu says. “When you get into homes that are 100 years old, there can be a lot of things that are not up to code. It will be difficult to get a mortgage on old homes with dated electrical, plumbing and other aspects.” She advises homebuyers to get a home inspection done on older homes prior to purchasing just for their “peace of mind.” Beyond the numbers, homebuyers also must think about how the space will work for their family’s needs — and here, older homes can pose unique challenges.
Layout and space are often top concerns, Inte- rior Images sales and creative consultant Melanie Maslaniec says. “It’s hard to open up the space without compro- mising the structure and the original design intent of the home,” Maslaniec says.” Homeowners can think about furniture that would accent the home and allow for space and movement.” However, Maslaniec explains there are opportunities, too. “Some structures and layouts
within the space confines can be changed,” she says. “For example, adding a peninsula in a long, nar- row kitchen, or incorporating open shelves or glass cabinetry to open up the visual space.” Older homes often come with
beautiful, irreplaceable de- tails — think stained-glass windows, wood trim, and vintage hardwood flooring. For those who
appreciate character and craftsmanship, these elements can be priceless. But they may also require on- going maintenance and thoughtful
design choices to integrate modern living without losing historical charm. » Continued on Page 12
Sunrise Credit Union Brandon loan officer Corinne Beaulieu says financial considerations vary more than some homebuyers expect between older properties and newly built homes. (Submitted)
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