Buying an old property can be a great way to save some money in the housing market. And old house, if not in perfect condition, usually carries a lower price tag than new builds. And because of that many first time buyers can be seriously tempted! And as you know, there’s a lot to research about buying a new home in the first place, but this process becomes a lot more complicated when the property itself is at least 50 years old!
Which is why it’s key to know what you’re getting yourself into. You should have at least some idea of what to expect when dealing with a property potentially past its prime, do here’s just a few things to keep mind.
There May Be Danger Spots in the House
Old houses can have a lot of hidden dangers to them. A spot of lead paint here, an exposed wire there, maybe even an infestation in the attic somewhere. And before you walk into the old property you’ve got your eye on, it’s best to keep these possibilities in mind.
Older, or ‘antique’ houses may have literal poisons in the walls. Homes from the 1960s may still have asbestos. Even homes from the 90s or early 00s can have code violations, especially if the home was connected up wrong or has its own septic tank. Be sure to ask the seller about potential issues like these before you put money down.
You’ll Have a Lot More to Fix Than You Think
Older houses come with quite a few caveats, and this is one of the most obvious. Maybe there’s a few cracks in the birck work? Maybe the plumping isn’t up to scratch? Maybe it’s going to cost thousands to even get the place wired up properly? You’ll always have a lot to get on with before you can move in properly!
So set yourself off right here. Get an inspection or two done, get in touch with a local foundation repair company to check for subsidence, and make sure you’re working on safe ground before you make any major changes. You’ve got a great chance to renovate here, but only if the groundwork can still hold the walls up.
You’ll Spend a Lot of Money
Whatever budget you’ve got for the house right now, it probably isn’t enough. You’ll need a lot more wiggle room than you’ve prepared for, because you might need to rip out entire floors and walls to make sure someone can move in safely one day!
Just in the way you’d approach a fixer upper, you’re going to need a big budget behind you. If you can’t take your current capital and double it in any way it might be best to look elsewhere for a home. It may have a huge upfront cost, but won’t take as much work in the long run.
Be careful about investing in old properties; first time buyers can fall short of their needs!
CANDY TAI is a wife to David and mom of 5 with a degree in Communications. She's a native Texan (Hook 'Em Horns!) who's been making her home in the Kansas City metro area for nearly 15 years. She loves being able to shuffle her kids from their various sports activities, piano lessons, and school activities. She enjoys fashion, beauty, reality TV, and moviegoing.