The Period VS Modern Home Debate
When buying a home, the decade it was made lends to the appeal – whether it has clean, sharp modern lines, ornate period architecture or somewhere in between. But which has the better return long term? Love & Co share some ideas on which kind of house will stand the test of time.
There are so many variables to consider when choosing a home – the location, size, pricing, outdoor area, and countless others. But one of the biggest factors when it comes to the overall design and appeal of the house is the time period in which it was built.
“Period home” is a blanket term covering many different Australian architectural styles. Some of the major home periods include:
- Victorian Era
- Boom Town Era
- Federation Era
- Edwardian Era
- Californian Bungalow Era
- Art Deco Era
- Contemporary Era
- Brick Veneer Era
The age of the home and its condition will affect its price, the future costs for you and its value when it comes time to resell. Here are just a few of the major pros and cons that can help you decide if a modern or a period home is a better choice for you.
Period buildings
Pros:
Rare. It’s just logical – as the years pass, fewer period homes will exist. Buying an older home lets you own a piece of history, and it’s a privilege to be part of the story of a home that has sheltered many other families. Period homes will only increase in demand as fewer of them remain, making them a good choice for investing.
Built to last. The older method of building generally used solid, quality construction materials and were built slowly and carefully. That makes for a home that has already lasted for a long time, and will continue to stand strong with good upkeep.
Character. A period home is an instant conversation-starter; do your research, and you can inform guests about the history of your home when they ask. And they are sure to ask – period homes tend to be full of character, with instant appeal.
Decorative features. Past styles of decorating were more lavish than today, leading to many period homes featuring elaborate cornices, beautiful verandah fretwork, and ceiling roses that lend the place character and charm.
Great sellers. When it comes time to move on, period homes sell quicker and for a higher price than other comparable homes in the same area. If you add some modern conveniences and are diligent about upkeep, you can all but guarantee a good return on investment.
Cons:
Costly repairs. While things are likely to break down at a slower rate, a longer passage of time means that it’s inevitable that repairs will need to be made. When that does happen, trying to replace a broken feature tile or repair a cornice can be a daunting task.
Heritage restrictions. Some period homes are historic treasures, and that means they come with added restrictions. Depending on the house, you might come up against strict legislation regarding what kinds of renovations you are allowed to undertake. Your local council will have the guidelines you’ll need to stick to when making changes.
Layout. Open plan was not a common concept at the time most period homes were built. That leads to homes that are full of doorways to navigate and poky little rooms. You’ll either have to embrace the charm or undertake extensive renovations.
Heating/cooling. Modern homes are more likely to have updated methods of keeping the house cool in summer and warm in winter. It can even be tricky to open the windows in an older-style home.
Modern conveniences. From solar panels, to space for a dishwasher, to simple features like fly screens, period homes were built before modern conveniences existed. You could have to find a creative (and potentially expensive) solution, or do without.
Modern homes:
Pros:
No update needed. Other than minor tweaks for personal preference, a modern home is more likely to be ready to go when you move in.
Lifestyle choice. A modern home has been built with people like you in mind. More recent homes are likely to have features that support a modern lifestyle, like an open plan design and attention given to energy efficiency.
Clean appeal. Cornices and fretwork are not for everyone! While period homes have a strong appeal for some buyers, others prefer the sleek modern style of design over the sometimes fussy period decorations. Modern houses tend to have more natural light and better airflow.
Easier upkeep. When it comes time to update or repair your home, a modern building has many advantages in terms of cost effectiveness and ease of repair. It’s easier and cheaper to find modern parts, and tradesmen are more likely to have experience with your specific design.
Cons:
Not as strong. Modern homes often go up very quickly, made with materials that are cost effective for the builders. Most modern homes will need major repairs much more quickly than a period home.
Less unique appeal. While the distinctive appeal of your modern home will largely depend on its design, there is a standard look to many modern houses that can make it difficult to stand out. Of course, every period of homebuilding replicated designs, but as period homes become rarer their design tends to stand out, while it takes more to make a modern house attention-grabbing.
Location. While most period homes were built when cities were smaller and are more likely to be closer to central suburbs and/or close to a train station, modern homes are being built further out as cities extend. There are modern houses everywhere, but as they are built in a time with extensive transport options, it’s likely that location was less of a concern to the builders.
Period vs Modern
So, which is the better investment long term? The answer is – it’s really what you make of it. Period homes have already stood the test of time, and will continue to have buyer appeal due to their rarity and character. However, combine a lot of serious and expensive upkeep with potential restrictions on renovations, and a period home can prove to be too much of a responsibility for some home buyers.
If you are prepared to put up with some inconveniences and do the work to maintain it, a period home can offer an excellent return on investment. If you would prefer modern comfort with simpler upkeep, you might be better off with a more recent home.
No matter your preference, the team at Love & Co would love to help you find your dream home. Get in contact today and get some personalised, expert advice on the best kind of home to suit your budget and lifestyle.