The 40 year old house is probably in an area that has been developed for 40 years with schools, business and recreation. Anecdote, but illustrative: Myself and

The 40 year old house is probably in an area that has been developed for 40 years with schools, business and recreation. Anecdote, but illustrative: Myself and a friend bought houses in 2020 of comparable size. My friend bought a build in a new neighborhood (technically put the money down in '19), I bought a 30+ year old house in an older neighborhood. Thanks to COVID, none of the businesses to support that new neighborhood actually materialized. My friend has to drive to the nearest convenience store, and has to hop on the highway to go to any other business. I can (and do) walk to my local convenience store, pharmacy, grocery store, pizza joint and mechanic. And I can bike or e-scooter to various parks, restaurants and healthcare. Accordingly, my old fixxer-upper of a house is worth quite a bit more than my friend's brand new house.