1888-1910 too old for a property?

Question

Several properties I am looking to buy were built around 1900. Should I avoid properties this old? Especially since I will be a buy and hold owner, does the age of these properties create an unnecessary risk? Appreciate any feedback at all!!

Tom S. · Answer

Not at all - in the Northeast at least, many properties are older than that and are beautiful buildings. Certainly get it inspected and make sure everything is up to code (electrical, plumbing), and if not, budget for rehab accordingly. But many of these homes have "good bones". My oldest is 1853 and you can still see the original ax marks on the wood beams!

- Tom

Pat L. · Answer

The only viable strategy is to buy them at a very low cost.......

We have some around 1830's but had to do extensive plumbing & electrical work. The lathe & plaster tear outs to accommodate insulation, as well as electrical, plumbing & forced air heat vent runs is a lot of work. We generally remove the old crumbling chimneys & go with high effic heating. Dump costs here for all that brick can run $4-$5k unless you can bury it in the yard as a "french drain" or a new shed base!!

Window retrofits can also be expensive due to special order sizing on stone buildings. Then you have the chance your local bldg codes will require upper floor egress sizing (triggered simply by the window replacements).

Roofing can also be an expensive nightmare...we often find 3-4 layers of cedar shakes then a couple of layers of roofing tile on sagging pine planks 1-2 inches apart. This necessitates additional (expensive) tear off costs, sistered rafters & all new sheeting.

Then there is the possibility that the replacement of the original clay pipe sewer lines will be another unexpected cost along with the need to install sump pumps that must pump to the new french drain you created out back, rather than into the sewer.

They are challenging...

Michael Seeker · Answer

All of my property was built circa 1900.  I would say this is much better than anything built in the 40's - 60's or 70's.  Turn of the century buildings were built with materials and craftsmanship that just doesn't exist today.  There are a lot of things to consider, but if the building has been properly maintained over the years or professionally restored then there shouldn't be anything to be concerned about.  I've had good success renting nicely remodeled historic buildings to mostly students and young professionals.  There's a certain appeal that can't be found in those massive 200+ unit complexes that tend to cost more!

Carlos Rovira · Answer

I find that, at least in my area, the older construction is of greater quality than new stuff. It depends on your area and the developers that built the structure, though.  Certainly get it inspected, but I suspect that if the property has been standing for over 100 years, it's not going anywhere any time soon.

Kelly N. · Answer

Our youngest property was built in 1913, we have one from 1898, and one that says 1900 but due to location and construction it is likely much older.  Insurance is a bit more, especially on the Victorian, but they are solid houses!

Andy Goodell · Answer

i totally agree with tom, my house is 1910 and i have a duplex built in 1920, they really do not build them like that anymore. also looking at an 1870's to add to my properties.

Joanne Harris · Answer

1986 built now has 5 bedrooms and 3 bathrooms.  Has renters and no repairs needed.  College park Ga. I'm looking to assign property to a cash inv for $75,000 quick close and I'll reduce to 73,000

Richard Dunlop · Answer

1882 no complaints

Jimmy Kiefer · Answer

Very helpful reply on the challenging aspects Pat, I appreciate it.

1888-1910 too old for a property?

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