My advice would be to buy!!! You cannot duplicate the warmth and character of an older home. It sounds as if the house has everything and then some of what you are planning to build. We were looking for an older home with some character but none came up for sale in the 3 or 4 years we were looking and decided to build. Love my new home, but it sure doesn't have the warmth and character I wish I had. Grab and consider yourself fortunate to have found the house before you started to build. If it's out of your price range, make an offer. That won't cost you anything.

A house built in 1940 is simply worn out, unless it has been substantially renovated in the last 10 years. Think about it: insulation standards were much less, windows were very leaky and uninsulated. All the major systems should be suspect: HVAC, electrical service, telephone and signal, plumbing and sanitary sewer (or well and septic). The foundation may have settled, cracked or shifted. If there's a basement or crawl space, there's every possibility of water damage, possibly mould. The age of the roof should be carefully checked. If there's a fireplace, it probably is in need of repair and chimney repair. Kitchen layout and appliances are normally questionable in size, arrangement and quality. Same for all baths and plumbing fixtures. Are floors level, walls plumb without cracks? Do all doors open and close properly? Yada, yada.

All of this and more is what every potential home buyer should be carefully checking before falling in love.

Good luck on your decision and project.

It really is a decision of what makes your heart sing. It sounds that you, like myself, are old house people. And I will say there is nothing as wonderful as an old house that speaks to you.

However from a business standpoint, I'm sure you know the 3 rules of buying real estate. Location, Location and Location.

So in terms of future resale, all other things being equal which would give a better return on your investment?

For example, where I'm building, I could get an acre of land about a 10-15 minute drive from downtown for the price of the house I'm building in the city limits. However, there are lots of empty lots on acres of land only 10-15 minutes away and it would cost me more to build out of town then what I'd recoup if I ever needed to sell.

Whereas, building in the city, where empty lots are at a premium, I know that if I ever need to sell, I'll be able to, all things else being equal.

Yes Virgil what you say is so true. However us old house lovers will live with all those problems because the house does "speak to us".

Heart sing? No. You simply can't replicate (in this day and age), the lead-based paint used in the 40's. You can't replicate the bad foundations. You can't replicate the bad plumbing, the layouts that don't match today's lifestyles, or the old, bad structures. Sorry; but given the choice between new and old; I'd always choose new.

I have an older Cape built in Maine in 1937. I bought it from owners who had done quite a bit of work to it, but who found another almost completed larger home, where the builder was selling due to a divorce. They bought that house, and I learned years later that they wished they had kept mine.

I have done work to mine to make it perfect for me over the years, and you could offer me 4 times what it's worth and I wouldn't budge.

Yes, the experts above are telling you what you probably already know, but from your description, this house had probably had some good care over the years, and you've been through renos and are prepared for another.

Just out of curiosity, could you possibly share the link to the listing here? I'd love to see the 1940 house, and I bet other old home lovers here would, too. The experts may also be able to point out things you should have carefully looked for in an inspection.

This is a 1921 home in Maine belonging to someone I know. They sold it in May for 1.2 million. Older homes do have appeal to a lot of people.

http://mainehomedesign.com/features/2487-rooms-remixed/

What great comments and advice! I very much appreciate it. The 1940s house was last sold in 1979 and at that point the family gutted much of it and replaced windows throughout (except for front storm windows for historical purposes) and updated bathrooms, electrical etc. The homeowner was a general contractor and the home certainly feels like it has been lovingly cared for and updated throughout their 41 year tenure as homeowners (electric is 400 amp service, HVAC updated for central ac and forced hot air) roof is replaced with tear off in 2008. We'd need to update the bathrooms for additional storage and double vanities etc. but the footprints are good to work with. There was an addition portion done sometime in their ownership that added an upstairs laundry, sunroom, extra bedroom and large master.

The 1921 Maine home is spectacular! What an inspiration.

This link should work to view the property. I'd love any ideas and insights. Off the bat we'd like to work on the bathrooms and kitchen to join the existing kitchen (13.9' x 13') with the adjoining family room area (23' x 19') to be a large eat-in kitchen with additional cabinets, walk in pantry and family room area.

http://www.flexmls.com/share/WVDJ/335NAbingtonRdClarksSummitPA18411

Looks like you don't need to rush to do anything.

One question, it's an older house meaning rooms are not as open to one another like how most houses are built nowadays. Will that be a negative or positive to you.

Beautiful home.

We're building on acreage that is very rural in feel and a 5 minute drive to grocery stores. I am beyond excited at the prospect of a well insulated home with big windows and new everything from baths to kitchen to hvac etc. Had we found an old home with good bones and charm in a desirable area we would have bought it in a heartbeat. I'm an old house lover and never wanted to build. My comfort zone is updating, renovating, adding on and visualizing changes to make in existing spaces rather than creating all new spaces out of thin air! I'm a believer that houses speak to us and if this one is talking to you, I'd listen - it has possibilities.

Thank you. We can definitely move in and live in it and go from there with renovations which is a huge plus. We don't mind not having an open floor plan and the space/layout flowed nicely when we were in it although the photos make it seem a bit choppy. I think if we did our proposed kitchen/familyroom marriage that large shared/open space would help as that space would feel more open and I think the majority of our family time and entertaining would happen in that space.

I think you have your answer IF the price is right.

Yes, all of the photos posted show a very lovely and appealing house. But that's what "for sale" photos are supposed to do. Anyone thinking of buying an older house, especially one which was built in 1940 truly needs to do their due diligence on all of the house systems, roofing, operating expenses, maintenance expenses, etc. Old houses, like sail boats, are really just endless maintenance and money pits, so be sure that's what you want to do (and can afford to do), rather than have a new, custom home which will likely need little maintenance for the initial 10 years or so.

Good luck on your project!

It's beautiful!

My 1937 cape hasn't put me in the poor house, and people have stopped to ask me if they can see the gardens I have put in. One of those people was an architect, who told me he passes by my house often and had always hoped to see the owner. He told me that my very modest cape was his favorite home in the area.

I very much hope that whatever you decide works out for you and that you have many years of enjoyment in your home.

I love old houses (mine was built in 1932) but my first thought was - which location would be better for your children? I grew up in a rural area. My parents built there so there would be room for the kids to run around. However, there were few other kids to run around with and nothing was within walking distance.

Whatever you decide, follow your heart. All of us have for more regrets later than we care to count.

"existing home built in 1940 with all of the mid century charm we love
(and that we tried to incorporate into our build) and the older home is
set back on a private drive in town, walking distance to our kids' grade
school. It has a pool, poorhouse and gorgeous grounds with pavers,
gardens, extra garages etc. - all things that we might never have on the
rural build homesite. "

Buy it! Because you could be moved in by the first day of school and getting to know the neighbors. Get a good inspection, but very few problems are insurmountable.

t has a pool, poorhouse and gorgeous grounds with pavers, gardens, extra garages etc. - all things that we might never have on the rural build homesite. "

Just be careful to make sure the poorhouse won't put you in the poorhouse.

Buy the house and eat the architect fees. That amount of savings should be more than sufficient to fix any problems with the old house, and as others have said, you cannot build the old feel.

I built a new house in the country(sorta) after living in a 100 year old house for several years back in 1978. Got tired of working on the old house. Found new houses need(at least mine did) just as much work.

Now own a house built in 1965 and have spent 8 years getting it to what we want(gently working after the initial month renovations necessary for a foreclosure).

Having been a remodler, I have the necessary tools and experience, which is a HUGE savings. Not that an experienced DIYer could not do the same. By renting those necessary tools.

I've worked on old houses(100+), houses built in mid century, and helped built new houses. All have good points and bad points.

I'd rather have an older house, even with the insulation lack/etc. than a sterile new 'green' over insulated, double window, sealed and needing an air exchanger so the inside does not become 'sick'.

Sitting in the easy chair with the winter wind roaring, snow blowing, drafts so I have to wear a sweater appeals to me more than not being able to see/hear that same wind in a cocoon house.

Put a fair offer on this house and see what happens. If you are accepted, get the inspection done by a contractor who can give you estimates for repairs. Don't jump in and do a lot of renovation, move in and get a feel for the place first. You can always add storage with furniture pieces, which has more character anyway.

But from the look of it, I think there is value here. You can't duplicate that house for anywhere near the same price today, and you can't duplicate a mature garden at all. Nor can you duplicate the lot. Buying, building, and renting all have their risks, there will be ups and downs in any process, so you should do what you want.

What a choice! If you feel the need to renovate the 1940 house that much, stick with the plan to build exactly what you want. Five minutes to town is nothing, and kids don't walk between houses that much anymore, anyway.

Such great feedback! We are still very much on the fence but we know in our area you can get a great deal more bang for your buck buying existing rather than building new - we have been looking for years and haven't found anything that could make us stray from As the bids stand now we are looking at approx. $155/sq ft for the build + the cost of the land which is higher than we'd ideally like to be all in for. I think much of our frustration is in needing more of an excavation/grading than we originally anticipated and having a 1250ft driveway in adding to the cost before we even get to the house portion. We could buy a 1/2 acre lot in a development for 1/2 the cost of the rural land but it just doesn't appeal to is.

I realized I typed "poorhouse" instead of poorhouse and it made me laugh too ;)

We looked at existing homes. We regret not going that route sometimes. We figure even with new kitchen, new bathrooms, new floors, and new windows/doors we would be well over 150k ahead. Eventually we would need a roof, mechanicals, etc. But the one we regret was in a better location, too. So...error on our part. We thought we could get more by building new. No.

Though we have a very nice home, the process was stressful and expensive.

Of course on these GW forums it's typically the client who is at fault when things go awry...and only dumb ppl can't manage to come in at $100 per square foot. Ymmv.

Good luck!

Poorhouse again. Oh my goodness! It's my autocorrect so I'm blaming Apple ;)

Honestly? Forget building! If I were young again with kids, I'd be buying the house. It's wonderful. There is no way you can get all that for the same price.

I agree with cpartist ... go for the existing home! It is gorgeous!

Those properties don't come up sale often, at least in our area. I can see why you are second guessing building! If it were me, I would be all over that!

You had me at this: "walking distance to our kids' grade school". As a mom that was huge to me when my kids were in grade and middle school. It's healthier for kids to be raised knowing that they will walk to school rather than being driven everywhere, and socially it was great for my kids and me to see other kids and parents every day, walking to school, and have them nearby for ad hoc playing and get togethers. Kids in my neighborhood are still friends with their grade school "walking group", even though they're in college now. And I'm still friends with the parents. (And now enjoy the younger generation walking past my house.)

New houses don't have wear and tear, but that doesn't guarantee that they're well built and worry free. I've seen plenty of scary stories on this forum. And the existing house you could move into right away, instead of waiting for a new home to be built which could take more than a year. (Plus the existing house looks wonderful!)

So... you know my bias. But, it does sound like you have two good choices! I hope whichever you choose works out wonderfully for you and your family!

Drop dead gorgeous home!! If it were in my area I would buy it. You simply cannot build that house today for anywhere near the asking price. I don't really even see anything that I would change.

How long has the house been on the market? The video shows a date of last year. Is there just the one pedestal sink in the master bath? It is a lovely house.

Yes, it's been on 1 year. Way long for our market but I think it came on too high and even with a 50k price reduction and realtor change over the winter, it's still priced about 50-75K too high in our opinion when compared with recently sold comps of similar square footage, amenities, with land/pool etc.

What makes it tricky is that the property is somewhat unique in our suburban market in the age of the house, having some very high end finishes and pool/poolhouse but then lacking items such as double vanities with storage, only a shower in the master bedroom etc. I think most buyers in my market would rather have a newer, more updated home for less money.

I'd take that house in a heartbeat. It oozes charm!

I love old homes, I love new homes. They are different, both have good points, and bad. I loved a 1936 home, completely redid it and loved it. Also loved an 1887 home, both were updated and remodeled but still had its old character. I'd buy the old in a heartbeat if the neighborhood is right.

VCFA - a house built in 1940 is simply worn out - oh the horror of such talk...

cmarlin20, the challenge of old homes is to overcome the emotional appeal, even the desirable neighborhood appeal, and to carefully and realistically inspect and calculate all of the additional cost that will be required to: 1) Make the old home livable and dependable for the next 10 years at least; 2) Make the home support the life style of the new owners.

Older homes come with sizable challenges.

For folks who understand and do their due diligence, more power to them. Older homes have character and appeal that may be unmatched in many ways. For folks who are buying their first home, or simply don't understand the design, construction and economics of older homes--buyer beware!