The Costs of Buying and Renovating an Older Home
- Brian Page
- Jun 20
- 2 min read
Stepping into the timeless charm of an older home is often a dream come true for many. With interest rates higher now than in decades past and home prices staying stubbornly high, is buying and renovating an older home a better option than purchasing a home that is "move-in ready?
The Upkeep Costs of Older Homes
Interior Costs
The upkeep costs of owning an older home are typically higher than those of owning a new home. New owners of older homes face higher maintenance costs than homeowners who have lived in their homes for over a decade. According to the U.S. Census Bureau, between 2019 and 2021, 61% of older homeowners initiated improvement projects, spending an average of $4,100.
The average cost of home improvement projects for older homeowners for a 2,000-square-foot home:
Plumbing fixture replacements: $3,100 to $5,500
Flooring replacements: $8,000-$30,000
Water heaters: $2,200
Exterior Costs
The most significant and common exterior replacement or renovation costs are for doors, windows, and roofs. The average cost of home improvement projects for older homeowners for a 2,000-square-foot home:
Exterior door replacements: Doors average $200 to $800. Labor costs average $230 to $1,300.
Window replacements: Window prices average $300 per window but vary greatly. The average labor cost is around $40 per hour.
Roof replacement: Roof prices vary, but the average is around $10,000.
It’s not uncommon to expect to pay $50,000-$100,000 in immediate renovation costs when purchasing an older home.
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Borrowing Costs
The median home cost varies from neighborhood to neighborhood and state to state. The national average (median) in May of 2026 is $429,300. Bankrate shares the average cost per state.
According to Freddie Mac (as of June 20, 2026), the average 30-year fixed rate mortgage is 6.47%. Assuming 20% down on a $429,300 home ($85,860), the mortgage is $343,440. The total cost is calculated and illustrated below, including the average property tax and insurance costs.
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What Next?
As we have written about, renting can sometimes make more financial sense than buying a home. Right now, that might be the case. These past resource-rich posts will help you decide:
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Original Post: 10/13/23
Updated Post: 6/20/26
