What are the downsides of buying a relatively old house?

manoj: What are the downsides of buying a relatively old house?
We have recently moved to Edmonton, Alberta in Canada and we are currently looking for houses to buy. We have fallen in love with a 1993 built town house yet we are unsure whether the technology of that time is compatible with what is there nowadays. For example, whether the construction methods, the insulation and the heating costs are going to be a problem. Can you give us the downsides of buying a 16 year old house? Thank you.

Answers and Views:

Answer by Assmasher A
ghost

Answer by Karen L
There is really no downside as far as I’m concerned. 16 years is not old, not for houses which can reasonably be expected to last 50 years absolute minimum. I wouldn’t even consider it very old for a car since my car is 22 years old. The house I grew up in was built in 1890 and is still very much still a going concern. I had a house until recently, in a dry climate like Edmonton’s, that was built in the 1930s and it was in excellent shape. I built a house in 1993 and while the building codes have changed some since then, anything built in 1993 would have been fully insulated and built to a modern standard. If it still has the original water heater and furnace, it might be time to replace those, but a home inspection will tell you that and give lots of other information about the quality of the building. In fact, I’d prefer to buy a 16 year old house instead of a new one. By the time 16 years has gone by, most faults in the original building will have become apparent and been fixed, or still be there so you can see them. With houses, brand new isn’t always better. The house you’re looking at has a track record. You should be able to find out heating costs and so on for it from the utility that supplies gas or electricity.

Answer by kenoplayer
16 years old? It’s not even broken in, yet. You shouldn’t have any serious problems with it. My house is over 40 years old. I bought it 11 years ago and I just had my first plumbing problem last month.

Answer by Don
There could be some hidden problems, ie leakages and insects which cant be seen on the surface. In some instances, if you’re applying for a mortgage, banks may be reluctant to offer the best terms for an old house.

Answer by MasterPython
That’s not an old house by any standard. Your hot water heater will probably crap out in a few years but everything else should be sound. The roof should be fine for another five or ten depending on how good the materials were. Have the furnace checked out before winter and you should be fine.

Answer by old lady
1993 isn’t a relatively old house. A house has to be over 25 years old, and closer to 50 years old, to qualify for that status.
Insulation can be improved easily, heating costs are a variable and have nothing to do with structural soundness. You should, instead, be concerned about the electrical wiring and the plumbing. These are critical components.

Answer by cycle4
It is relatively old.