You may have got one as an inheritance or you chose to seek out the vintage beauty yourself – old homes could be a boon or bust, depending on the way you look at it. If you have acquired the home as an inheritance, then really you have very little choice in the condition of the house. Like all your quirky relatives, you have to take it as it is! However if you are seeking out old homes yourself, you could try and pick the ones that are in better condition. The worse the condition of the house, the more expensive and difficult renovations can be. But if you are good with home improvement ideas, then old-home remodeling will give you plenty of opportunities to be creative.
Good or Bad Investment
Whether buying an old home is a good investment or bad largely depends on the condition of the house. Some old homes are so damaged that nothing can be done to make them ready to be inhabited again. Their worth is determined only by the land they stand on and any items that can be salvaged from the house. But there may be some that can be made fit for modern living. In the times of identical row houses and apartments, old homes are still quite in demand. They tend to have uniqueness in design and a warm, welcoming feel to them that is missing in many modern homes. If you pay attention to detail, you can make a good profit on the resale of a restored house. Otherwise, they make wonderful family homes.
What Needs to Be Done
A good way to proceed with an old home restoration is by getting the house checked by a building inspector. An inspector can give you a better idea about the ‘real’ condition of the house – things that may be invisible to the inexperienced eye. The major things to look out for are the electrical, the plumbing, the foundation, and water damage, if any. More likely than not, the house will need rewiring, as old wires pose a threat of electrical fires. But if the foundation and plumbing are in a good condition, and there is no major water damage to the walls, it may not need too many major fixes. You also need to know if the nearby trees (if any) have dug their roots into the foundation or into the plumbing, as this could result in rather expensive repairs.
The Major Benefits
More than the charm, there are some distinct benefits to owning an old home. An older home will obviously come at a cheaper price, but you also need to take the approximate renovating costs into account as well. Secondly, since older homes were built in the heart of cities, location will most likely be good. Lastly, while modern homes are shrinking into matchboxes, homes of the yesteryear are more sprawling and inviting.
Whether or not an older home is for you depends on your tastes, requirements and enthusiasm for home restoration!
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