Should You Buy a Grandma House?
When you’re on the market you’re bound to come across this type of home that’s for sale. It’s outdated. There are figurines, wood panelling, and carpet abound (who knew anyone would ever carpet a bathroom?!). These homes are often priced pretty reasonably, given that the seller’s likely know that the home is going to appeal to only a certain type of buyer.
But is that certain type of buyer you? And if not, should it be?
What is a grandma house?
A grandma house is exactly what it sounds like: a home that appears to be occupied by a grand mother.
When I was doing some research on this online, I came across a commonly asked question:
Why is it a grandma house and not a grandpa house?
Well friends, the morbid reason is that men tend to pass away before women. In Canada, men tend to live until close to 80 years, which is pretty darned good… But women, on average, get an extra four years and tend to live closer to 84 (according to Statistics Canada’s Health Adjusted Life Expectancy).
So, statistically speaking, if you’re looking at homes on the market that were last occupied by the elderly, chances are, that elderly person was a woman.
Additionally, according to the BDC, in Canada, women are responsible for driving 75-80% of consumer spending. This includes home furnishings, vacations, homes, and the majority of automobiles and consumer electronics.
So even if grandma wasn’t the last person to occupy the house, chances are, those doilies and frilly curtains were her choice. This purchasing power influence can make the home feel much more like a grandma’s house than a grandpa’s.
How is a buying a grandma house different from any other resale home?
The truth is, it might not be different at all. The elderly, just like the rest of the population, can put their home up for sale at any time for any myriad of reasons.
Plus, people of any age or walk of life could decide that the grandma house aesthetic is for them, and the decor will have nothing to do with the age of the occupants (I would be fascinated to come across any instance of this in real life!).
But that being said, let’s make an assumption about a grandma house that tends to follow the more typical scenario that I come across with this style of resale, which is that the home is hitting the market because either:
The owner is downsizing
The owner has passed away and the home is being sold as an inheritance
The owner is incapable and the home is being sold under power of attorney
So, while you can see the people of any age can sell their property due to any of the above, these scenarios are more likely to become reality as we age.
What does the above mean for the interested home buyer? Let’s dive into the pros and cons.
Pros of purchasing a grandma house
Possibly less competition for buyers who have a knack for design
As much as we all love watching a good renovation on TV, people, in general, have a hard time looking at a home’s potential in the same way that a contractor or designer do. Something as simple as paint colour can dissuade someone from making an offer.
A lot of buyers have issues seeing beyond outdated aesthetics and into a home’s true potential. But if you’re someone who can see passed what’s in front of you to see what could be (and you like that vision!), then you may have a rare opportunity to offer on a home with less competition.
Better neighbhourhoods for peace and quiet
It’s more common among the generations passed to have purchased a home early and then lived in it for decades until old age/they simply couldn’t manage it anymore.
So, the grandma house you’re interested in may be more likely to be surrounded by homes with other, similarly quiet, elderly occupants. If you’re of the quieter type yourself, you may find the surrounding neighbhourhood to be just your speed.
However, this pro could quickly become a con if you a little louder… and like to party (get ready for complaints!).
More receptibility to finding the ‘right fit’ for the home vs. getting top dollar
Building on the above point, when someone has lived in their home for a long time and has a great sense of community within their neighbourhood, they may actually care more about finding the right person (or people) for the home, than they do about getting top dollar. Some of these listings may ask for letters from potential buyers outright, but whenever I have buyers who are interested in a home like this, I always encourage them to write a letter along with their offer anyway.
Some of the aspects to including in a personalized note to the seller include:
Who you are (your professional background, your hobbies and interests)
Your family structure and plans (are you single, married, a young family, an empty nester etc)
What attracted you to the home (is there a school nearby for your kids? Did you grow up in the area? Are you looking for a peaceful place that’s close to your place of work? etc)
A thank you for considering the offer
While writing a letter may not close a gap between your offer and another one that’s hundreds of thousands more, you may also be surprised just how much weight this personal approach can hold with the seller and/or the seller’s family.
Better upkeep and less wear and tear on the home
Compared to a home with younger occupants (I’m picturing my toddlers as I write this), the homes of the elderly as less likely to be receiving high wear and tear on the regular. The home may have also received more regular maintenance from professionals (e.g. furnace inspections, cleaning, etc) from occupants that no longer wanted to DIY that maintenance.
So while the pink bathtub, toilet and sink may be outdated, they could be in sparkling near original condition.
Higher-quality building materials
There’s a reason why the cliche ‘they don’t make them like they used to,’ exists.
The homes of yesteryear, especially those that were build a century ago or more, are known for their use of solid wood and artistry. From sturdy banisters to stained glass windows, to unique crown molding and ornate trim, there’s lots of charm and quality to be found in older homes. You may even be lucky enough to find hardwood floor hiding underneath that pink and green carpet, just waiting to be brought back to its original lustre.
Cons of purchasing grandma houses
Not necessarily ‘good bones’
Here’s the thing, while older homes may have used higher-quality materials (at times), they also had different building codes and standards. Over the years since many homes were built, there have been much-needed upgrades to building code that have make structures safer.
For example, in older homes you’re more likely to find:
Knob and tube wiring
Asbestos (insulation, tape, tiles, etc)
Galvanized pipes (plumbing)
Sub-par insulation (walls, windows, etc)
And more.
While a home inspection can help to reveal some of these issues, there are limitations to what home inspectors can see (e.g. they can’t put holes in the walls to look inside). So, with older homes it’s best to know the risks and be prepared to mitigate them at your own expense.
Outdated fixtures and materials
This may be your style... Or it may not be. Either way, you're more likely to find it in a grandma house!
Even if you’re lucky enough to avoid having to do major upgrades to your home’s functional infrastructure, chances are very high that you’ll want to do some work on the aesthetic side of things.
Older homes are notorious for wall-to-wall carpeting, colour palettes that are clearly from days gone by and wall paper. So much wall paper (think the wallpaper borders of the 90s).
Generally smaller… a lot smaller
You may have thought that the size of your grandma’s house made perfect sense for an empty nester, but the truth is, she likely raised four kids in that same amount of space.
According to Stats Canada, the average Canadian home is 30 percent larger now than it was in the 80s and 90s and almost twice as big as those built in 1960 (think 2,200 square feet now vs. 1,200 then).
Now, this may just be a philosophical question of whether our more modern McMansions are a product of consumerism and excess, or if our homes grew to such a size because the extra space offers a better quality of life. In the end, only you can answer whether a smaller home will work for you or not, now and in the future.
Possibility of more unknowns during the sale
If the original home owner isn’t selling the home (for example, if the home is being sold by the family after the owner has passed away or become incapable of selling on their own), you may run into a scenario where the seller cannot vouch for the functionality of the home’s major components (think heating and ventilation, foundation, history of repairs etc). In this case, you may be looking at buying a home on an ‘as-is’ basis.
This isn’t necessarily a true negative, as scary as it sounds. But it does mean that you’re going to have to do your due diligence (e.g. I’d recommend getting an inspection) as well as possibly enter into a sale agreement knowing there may be more risk of unforeseen issues with the home.
If you find this scenario scary, a grandma house may not be for you.
Would you take the plunge on a grandma house?
What do you think?
Have you purchased a grandma house and fallen in love - or totally regretted it?
Is it on your wishlist - or do you see these listings and run?
Let me know in the comments below.
And if there’s any grandma homes that have caught your attention in the London & surrounding area, let me know. I’d be happy to show you around! Shoot me a line and let’s make this happen.
