Six Things To Consider Before You Invest In Older Homes
This guest contributor post comes to MSF from Tina Roth, a passionate personal finance blogger. She shares her 6 tips for your consideration if you are planning on investing in an older home now or in the future.
Planning to buy an Older Home? Are you fascinated by the antique and intricate architecture of the house? The old, huge beams have already conquered your heart and you have started imaging yourself with your morning tea, sitting on the big wooden swing at the lawn… hold on! Before you dwell yourself completely into the old house and invest on making it yours, glance through these 6 questions which might change your opinion.
Hold on! Why an older house?
A vintage house would be anyone’s dream home with big wooden door, a wrap-around porch, and the stained glass windows welcoming the morning sun. It may sound like the dream place you were looking for all your life but it is equally essential to ensure that you are making the right choice.
The old houses have always been accompanied by mysterious stories sometimes it might be true as well. Mostly, people tend to sell-off such house due to poor maintenance, financial crisis or others reasons. It is a big mess when it comes to maintenance of such old houses and can cost you several dollars.
It might seem like a cheaper option initially comparing the overall cost but be prepared to spend on restoration and renovation. You can get a million of reasons of why you should not go for an older house but when it comes to the beautiful craftsmanship which has caught your eye, there’s no backing out! Just go for it!
Few points to consider, before you buy:
- Track the recent inspection report!
After miles of search when you find your perfect dream home that fits your budget, the only thing in your mind is to buy it before anyone else does. A decision taken in haste might end you up in trouble. A beautiful vintage house with a big lawn and that too at a stunning price, it might feel like a jackpot! Think…there may be a catch!!!
If you are keen on buying that house then do an area study for price comparison. It is mandatory to get all the papers checked before investing on any property. Get the latest inspection report of the house and give a detailed study for all possible details. This will give you the status of the house and you can have a rough estimate of how much you might need on restoration & renovation. Look for all possible points mentioned in the report like how old is the electrical, heating or plumbing systems.
- Is it a stable structure?
It is extremely important to check the stability of the structure before going with the deal. It can be the worst nightmare to imagine the roof falling over while you’re asleep. Getting a detailed examination done is very much a mandate. Look for all minute details like any cracks or leakage on the walls or windowsills. Also, any damps or moulds shouldn’t be overlooked! Repairing a leakage on the walls can be a painful and pricey task.
- Roof status
The outer roof is the one of the key factors that one will notice on the first gaze. It can cut your pocket with a heavy price if the roof is made of slate, wood shingles or thatch. It is very much mandatory to investigate the roof from inside as well. Some investigation reports might not cover this aspect. If there are any cracks or serious issues with the roof from inside then you might land up spending a huge amount on repairing it.
- Is the Septic tank working fine?
This is one important aspect to keep in mind before you sign the deal. It is often seen that the old houses with septic tanks costs a huge while restoration & repair if there is any issue with the working condition. No matter if you flush it 3 times, you cannot trust its working condition something might crop up any moment. Get as much as information from the owner or even hire any inspector to do a detailed study.
- Check the wooden spaces for termites!
See some mud like tubes on the wooden structures? It is nothing but termites! The old houses often comprise of beautiful intricate wooden carvings apart from the furniture & flooring which can serve as a house for termites and other insects; if poorly maintained. Termites are deadly enemies for wooden structures. It is recommended to get a clear inspection done. In case of infestation, get a pest-control professional to woe off the unwanted pests.
- Is there asbestos in the house?
Sometimes the inspection report might not cover the details of asbestos just because it’s hidden behind any wall covering or laminated flooring. Asbestos can be hazardous if it becomes airborne. So, it is essential to get a certified specialist to look for it.
Before you go with the deal, have a budget in your mind to get an idea of how much extra you need to spend on the restoration works! Hope you have some clarity over the points to consider before buying an older house.