Functionally Obsolescent Homes are Hard Sells! Think Before Buying an Older Home!

Functionally obsolescent homes, what are they? Functionally obsolescent homes are functionally obsolete are homes that are dated homes with outdated or features that are no longer sought after.  Are they a great buy? Or have others passed on buying them because of built in drawbacks? Every town including Atlanta has them. The reality is that older Atlanta homes in older neighborhoods sometimes aren't such a great buy!  A home without and indoor plumbing would be an extreme example of a home that no one is interested in this day and age.  Times and needs change.  When a home reaches the end of a desired usefulness the price and value of the home starts to decline rapidly.  Some examples of an obsolete home may be ones that does not have a garage, or has a one car garage, or open carport.  Other features that may denote a home may be a conversation pit, lead water pipes, a home that has one 1 bath or 1.5 baths.  Small bedrooms and laundry areas in the garage or basement are pretty standard finds.  The reason they are considered not a hot buy!  It isn't cosmetics that hold back the sale and future profit it is the limitations of size, the location of the property, and constraints of space that prevent the changes from being made at all.

Besides the most obvious drawbacks to purchasing a way outdated homes are a lot of issues you may not have thought of, but add to the reasons why you should think twice before buying one of these homes.  They may not be the great deal you once thought it was!  Lead paint, asbestos, aluminum wiring are just a few more of the items that may be included in the sale whether you thought about them or not!  Remediation costs must be considered before purchasing.  The bottom line is that the cost of acquiring, renovating a home that is functionally obsolete must be reckoned to current market conditions and pricing, if you cannot bring it in under market it is a loser!

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