Oldest home you’ve bought

15 Replies

I’m fairly new to real estate and I see many times that investors have a limit as to how old their homes are, some say none before 1950 and some say other years. I’m wondering if anyone can explain to me why investors do this? Is their a reason they only buy a home 1950 and newer? 

And what is the oldest home you have bought in the past? 

Thanks!

Early 1700s, though we have several from the mid- to late- 1800s - the age range of building stock will vary greatly depending on where you are located.  

When I worked in Europe, I rented a "cottage" dating from the 15th century.

i think the motivation stems from a couple items. First, i think older often implies it will need more work in the form of updating and sometimes just for safety/code. The other reason that I can think of is insurance. I know an investor who purchased a recently remodeled older home that is now paying a lot more in isurance than he anticipated because the basement is original. I dont know or understand the details of that one, but his story definately has me looming harder at basements...

@Roy N. That’s pretty old lol never heard of anyone taking on properties that old but that’s pretty neat!

@Noah Wood this can definitely be a regional decision.  What I mean is that here in Texas we have pretty tough foundation issues in certain areas of the state.  So if you buy a home older than about 1976 here you are going to have issues with the foundation.  However, I also used to live in Rochester, New York.  Finding a home built AFTER 1976 in Rochester, NY is next to impossible.  So it certainly depends on what your regional market will allow you to invest in.  In general a brand new home won't have as many issues as an older home but in general older homes are less expensive.  Hope this helps!

Under contract on one right now that was built in 1875. If we close (having some issues with unknown leans in the estate) it will be my oldest purchase yet. Otherwise 1917 is my oldest. 

Regional and personal preference for sure. Our oldest property is currently 1978 but I'd be willing to go a bit older in our area. Possibly closer to 1950 or 1960. Much older than that and we have no foundations, electrical and plumbing issues, etc. Not that we can't find a deal with the right numbers in that age range of property but it's just not for us at this time. Our favorites would be 1980 and newer. 

Originally posted by @Noah Wood :

I’m fairly new to real estate and I see many times that investors have a limit as to how old their homes are, some say none before 1950 and some say other years. I’m wondering if anyone can explain to me why investors do this? Is their a reason they only buy a home 1950 and newer? 

And what is the oldest home you have bought in the past? 

Thanks!

 I just closed on a house built in 1900. So 117 years old.

I love older homes. My primary residence was built in 1920, and my former home in Kansas City was built in 1929.

1880 for me! You'll find that the older homes have a much more detailed and vintage look that can't be found with these newer homes!

1849 for me.  My bother bought one 1804, both in VT and we gut renovated both.  Great bones to the houses and you can actually see ax marks in the original beams!

Currently renovating a 1901 farmhouse Victorian. We have decided to gut it down to the studs. I’m actually impressed with how solid this house is. Our first house was built in 1935 and it too was a great house. Have a 1960 and 1966 as well. I think the older homes have more character and the newer homes tend to be easier to deal with. Our 1901 will be pretty much like brand new when we are done. Hopefully we have many years of smooth sailing once it is done.

We have 1919 duplex under contract right now.  I also own 1905 triplex and 1930 & 1890 duplex.  They all have some deferred R&M needs, but nothing major. Definitely a regional preference.  We market them as a historic home and they typically fetch $150 more per unit. I have also had good success with the type of tenant looking to live in these historic homes.  Here is the 1890 Duplex. Purchased for $155,000.  We get $2,000 a month in rent. It is the oldest originally built duplex in our city.  All utilities are split. 

  

1952 for me.

I have looked and made offers on houses as early as the 1930s.

I try to look for homes from the 50s and newer. The main reason is at that age you should not need to completely tear out all of the electrical and plumbing. The construction is usually good, and they have all had nice hardwood flooring. They usually only have had two roofs done (one had 3 layers on the rear and that posed a difficult demo) and a lot have some upgrades over the years that saved me some money. The older homes in a lot of towns near where I was from ended up being not so nice areas, whereas a lot of the 1950s neighborhoods were quiet and desirable.

Thanks for all the input everyone very cool stuff!

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