Older homes possess an allure that cannot be found in a new home. The mesmerizing architecture of an older home and its distinctive character may appeal to you at first sight, but do not forget that not only are older homes reminiscent of the years gone by, but they also bear the brunt of time. Older homes need careful inspection and maintenance – a task which may not suit all buyers.The first step to successfully buying an older home is to weigh your options and decide what features could potentially turn out to be deal-breakers. What do you look for in a house? What purpose would your house serve and what kind of furnishings do you intend to use? Answering questions like these will help clear up any confusion and give you strong points for or against buying any home. Deal-breakers could vary from excess expenditure in repairs to the location of the house. Bear in mind that the level of commitment required to own an older home can be greater than owning a newer home and being a “renaissance man” may come in handy.
1. Careful inspection of the disclosure
Buying a home involves a lot of communication between the buyer and the realtor or seller. If you have a realtor to represent your interests, it does not mean that you have no part in the dealings or communication. A realtor would help narrow down prospects that best suit your requirement. However, careful research on your part is a must and could save you a lot of money and time.
To start off, you should be a well-informed buyer so be sure to ask lots of questions regarding the condition and history of the property. Understanding and inspecting previous repairs and replacements could help you come to a decision on whether the major concerns are manageable or feasible. Disclosure statements from sellers are an obligation and should be carefully inspected to make sure that you are completely aware of the issues and problems which could affect your purchase.
2. Cost of homeowners insurance
Insurance is essential to safeguard your home against damages that result from accidents. Additional policies could be added to insure the house against damages resulting from natural calamities. There are several forms of insurance which covers various levels of protection to suit the interests of the owner. Insurance agencies may be skeptical when it comes to insuring an old house and you may end up paying more than you expect. Have a candid conversation with your insurance agent about the home so you can be certain of the cost of insurance before buying the house and avoid any surprises down the road.
3. Foundation
Older homes are more likely to have problems when it comes to the foundation. A clear inspection of the basement will reveal possible cracks and shifts in the frame. Cracks are a bad sign and may indicate permanent, serious damage to the structural integrity of the home. Old houses are known for their strong foundation, but with time they may have suffered serious wear and tear. A thorough inspection should reveal serious troubles with the foundation.
4. Electrical wiring
Older homes may need updated wiring, especially considering the high demands of our electronics hungry society, and rewiring an entire house may turn out to be painfully expensive no matter how much you love the beautiful wood work and ornamental designs. The cost and effort of rewiring the house should be considered before you finalize the deal. If a house has three-pronged plugs, it hints at a modern grounding. Presence of other modern safety upgrades such as GFIs on outlets could also mean upgraded wiring. However there are many problems that may go unseen and hence, do not forget to have a professional inspection done.
5. Plumbing
If the house has original plumbing, then depending on how old it is, there is a good chance that it’s outdated and will require work down the road. In case of previous repairs or replacement, the installations should be inspected. Leaks and clogging are a common problem with old houses. Just because the plumbing has been upgraded, it does not guarantee that it is functional or won’t pose future problems.
6. Heating and cooling systems
If you are accustomed to central air and an even temperature throughout your home, you may be in for a surprise. Replacing the HVAC in an older home can not only be expensive but it may also not deliver the immediate changes to heating and cooling that you are familiar with in newer homes. Older fixtures may also cost you a lot in terms of utility bills. Older homes can come with radiators which require fuel oil and may not be practical in the long run. It’s also a good idea to see a years’ worth of utility bills
Older homes may very well have a properly working furnace but make sure the person you choose to inspect your home before the sale has experience with older homes and heating and cooling systems.
7. Roof
If the roof has been previously worked upon, then it is a must to check for signs of leakage and make sure that any changes to the roof line have the proper structure under the roof. Moldy wood, drips and water stains are a clear indication of trouble. If the original roof is still in place, then there is a good chance that some work will be required before long – which translates to more time and expenses.
8. Windows.
Old homes come with old windows which may offer poor insulation. If a previous reconstruction has widened window frames, then the quality of the work must be assessed. Improper extensions and tampering might cause problems such as rigid windows and collapsing of the frame under severe circumstances. Also look for any leaks around the windows, both original and/or replacement windows.
Keep in mind that replacing all the windows in a 3,000 square foot home will cost at least $10,000, most likely more.
9. Extensive repair work
If the house requires extensive repair work, it is going to drain a lot of your money and time. The return on investment may or may not be worth the money. Is it really practical to take on such a huge responsibility? If you’re handy with tools and love working on projects, this may be a great opportunity for you but if you’re more like me, not the handiest guy in the world, this home that you love my be the end of you or at least your marriage. You may feel an emotional connection to the house, but is it going to be worth the effort?
10. Compatibility between the house and your existing fixtures and appliances
Household items were different back in the day and definitely less demanding of the house. To ensure that you do not have to invest in a brand new set of furniture and appliances, make sure that your existing sets are compatible with the house in terms of size, proposed utility of appliances etc.
In spite of the hurdles and anomalies, older homes are often worth the effort. They are unique and elegant with a personality of their own that will add a lot to your pride of ownership!
Contact me today for a complimentary Home Value Report or to discuss current market conditions!
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