Buying An Old House?

When you think about a future home purchase and you live in a part of the country which has an older housing stock, buying an old house becomes a distinct possibility. There are many pluses and minuses to this age of house which you need to consider. Here are just a few of them when considering buying an old house:

Plus:

The architecture and wood craftsmanship from gone by era.

Minus:

The cost of experienced, highly trained tradesman to do any needed repair work can be expensive. Also, outdated building code compliance, aged heating, electrical and plumbing systems which may need repaired or updated, chimneys may need realignment or need to be fitted with draft excluders and certain windows may need to be replaced all add to the cost of ownership.

Plus:

Location. Older homes are often built closer to the center of town making it easy to walk to local shops, work, schools and other amenities.

Minus:

Lack of on-site storage. Older houses tend to have smaller closets as people used to use cupboards and amours in the past.

Plus:

Cost. You may pay less for an older home, but this depends on condition and location. In general, a modern house of the same size and in the same area will cost more than an older one.

Minus:

Tree roots. Old houses often come with old trees and sometimes root problems. Older trees often have long, strong roots that grow in toward the foundations and plumbing systems. This can lead to expensive pipe replacement and/or foundation work.

Plus and Minus:

Availability. There’s no waiting for a builder to finish construction. You can move in now absent any current renovation plans.

Plus and Minus:

Diversified neighborhoods. Moving into an old house in an old neighborhood can mean that you get a diversified mix of neighbors. With a newly built block, every neighbor will have bought around the same time. But, in an established neighborhood you could have neighbors who have lived in their homes a long time. Some, for generations. While some parts of an old neighborhood may have undergone gentrification, while other parts may attract unsavory characters. You need to get to know a neighborhood before you buy.

Plus:

A long-term investment. You can build equity as old houses may be in limited supply. When looking at an old house, take time to talk to realtors and people in the area with similar properties to see how much their homes have increased in value since they purchased their homes.

Minus:

Poor Layout. Old houses often come with smaller rooms, low ceilings, narrow doorways and smaller bathrooms.

If you do your homework before you buy, the purchase of an old house can be very rewarding.

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