Buying an old house could be an exciting endeavor for homeowners. There is this appeal to old houses, especially those well-preserved ones, that simply takes the breath away. However, if you don’t do your due diligence and research before buying a property, you might just end up in a complete mess.
Consider these five super important tips to ensure that what you’ll purchase is nothing short of a perfect old home.
#1 If the Price is too Low, There’s a Catch
If you happen to see a listing of an old house that is valued way too low for its condition, this could be a serious red flag. Some of the reasons why sellers set too low a price for an old house may be one of the following:
- There are projected repairs that they want to pass on to the buyer
- Expired property papers
- Needs serious home improvement works
This is not to say that the house is not worth buying, but you may end up spending more because of these hidden matters. To keep you spared from this bait, you need to do extensive research before purchasing a property. Consulting a reliable real estate agent and trusted realtor online would also be of great help to land only on legitimate properties.
#2 Old Houses Could Cost More
Most buyers look for older houses since they believe they could save a lot that way. This may seem a good idea initially, but in the long run that is not the case. Buying an old house entails spending more on maintenance and much needed repairs. Unlike new houses, old houses have seen better days. A major renovation is probably necessary before you move in. These extra expenses could balloon into a huge sum. If you don’t want to deal with these kind of things, you might want to look into buying a brand new house instead. If you are in for the beauty and old-school feel of it, however, it might be worth it.
#3 Consult Professionals
Many heads are better than one. This cliché is also true when looking for the right home. If you are considering an old Victorian mansion, it is best to consult several professionals such as a real estate agent, contractor, engineer, architect, and interior designer. These people could help you assess the legitimacy of your prospect home, including the veracity of the presented documents, structural integrity of the house, or if it’s worth the money with respect to its location.
#4 Check for Pricey Insurance
Home insurance is calculated based on risk; thus, you need to be aware that you may pay a higher insurance policy when you opt to buy an old house. To help you get the best deal, start asking for insurance quotes early on and assess how these obligations affect your spending capacity.
#5 Limited Improvements Ahead
There are also cases wherein you are restricted from making some renovations and improvements on an old house. These limitations may include restrictions on building perimeter fences, adding structure, and making some modifications on the house’s interior layout. To keep these from happening, you must consult first with the Building and Planning Department and check for the renovation limitations set for a particular house.
Is it worth to buy an old house?
Judging if buying an old house is better than constructing a new one is purely subjective. Some people find living in a classic-designed home fulfilling, while others want to live in a completely modernized home. Whatever your preference are, you need to seek some suggestions from experts before spending your hard-earned money. Remember that simple research, consultation, and patience will help you find your dream home for good.