Updated 4 months ago on . Most recent reply
Buying older homes
Hello,
I'd like to get feedback from folks who have bought old homes. The oldest property that I own is 1983, which I don't consider to be old. I have come across many deals in the markets that I am searching in where the homes are from early 1900s. I cannot find myself pulling the trigger on such old homes. I constantly find myself too worried about things that I can't even think of going wrong with that property, including electrical, plumbing, foundation, etc.
Am I wrong to do this or only wrong to an extent? I'd like to know what I should look out for, or am I better with sticking to newer homes? Also, older homes in cold climates specifically - anything to look out for or should I just steer clear? Majority of homes I buy only need cosmetic rehab, maybe a roof replacement, hvac, water heater. I don't want to deal with electrical or plumbing as it's too expensive in my opinion. Please provide feedback on your experience.
thanks!
Most Popular Reply
That is such a common question with real estate investing. I currently live in Florida where a home built in the 1980s is considered historical registry lol
Much of my investing has been done in the Cleveland Ohio market, which the Home stock is extremely old. It is not uncommon to buy homes in the 1800s. Our son's home is actually built in 1886. He paid 65,000 for it he's into it for $100,000 completely redone and he could sell it for 375k.
I would look at the deals as individuals. I would never look at the age of a property like I would the age of a car or a boat or a plane. I would just go Case by case basis in my honest opinion.