Older Homes?

Question

I was wondering if anyone had opinions on buying older homes?  The town I'm in has a lot of older (maybe 1900-1920s) homes in desirable areas and also a lot of homes built from 1949 on.

It's an area that I'm interested in, but I've read one book by Robert Irwin and skimmed through another at Barnes and Noble and he mentions in numerous places not to buy houses over 10 years old, but especially not older than 25 years old.  Is he just speaking from his personal experience, or is this something I should consider?

Michael Rossi · Answer

I have an apartment building that was built in 1835. I guarantee that's not the original plumbing and wiring in the building - because they didn't have electricity or indoor plumbing in 1835! These older buildings are built MUCH better than more modern buildings and will be here decades after some of today's building are gone.

Mike

Jessica Tam · Answer

I'd take a good look at each building and make your decisions on a case by case basis.  I've seen some lovely 19th century homes that have already had a lot of work done on them (so safe wiring, no asbestos, etc), but I've also seen some horrid Victorian bungalows that would cost far too much to get to a liveable standard.

If you can take the time to check things out for yourself, you may find some great deals.

Mark N.A · Answer

There are a lot of answers to your question.  Most all of them can be summed up with,  "It depends".
            
            If the property is located in a "Historic District' you should beware.  Some of these appointed officials can be notoriously difficult to deal with.  
            
            Then there are repairs and/or rehab.  You'll be dealing with plaster walls, ball and tube wiring, decrepit plumbing, no insulation, and how does it heat and cool?  Oh, ha ha, I forgot good old asbestos around the pipes!  Plus, back then, wood really measured an actual inch, or whatever, as opposed to today, making carpentry more challenging.  Did I mention lead paint?
            
            Renters can be hard on such properties, but then again, these properties have withstood the test of time.  I've got a lovely old 20s-era upstairs/downstairs apartment in a low income neighborhood, and it just breaks my heart every time I evict someone and see how they've trashed the place.  I've also got a lovely old 30's-era craftsman bungalow in a college rental neighborhood, and those little college b*st*rds can trash a place with the best of them.
            
            Look, if I could just buy 10-year-old homes for a huge discount I'd do it all day long.  But that's not where I typically find deals.  
            
            It's all about the numbers really, and having a good team that can handle whatever challenges come up, or warn you to run beforehand.

Older Homes?

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