As a way of saving money, it appears to make a lot of sense to buy an older home for renovation purposes. After all, if you can get a house for a bargain you should go for it, but there are various factors to bear in mind when you are going for an old property. You may think that it is saving you money across the board, but it could be a more expensive option than purchasing a new house. Let’s have a look.
The Common Household Issues
For any house that was built prior to 1980, it is very likely that it will have asbestos problems. You can check with the local authorities or call professionals to try and see if asbestos is present, in which case it can be removed safely, and it’s also worth consulting asbestossafety.gov.au for more detailed information. But there are also other common issues you could find such as old electrics which are unsafe. You can also factor into this weather damage to the roof and the costs involved. It is in this respect that you may feel that in buying an old house that you may have bitten off more than you can chew.
Can You Invest The Time In Renovating The Property?
This is a question that you really need to know the answer to because the question of time and money in renovating an older property means that it can take longer than a lot of more contemporary homes. It’s on these occasions where you might consider bringing in professionals in every single aspect of the renovation. There are renovation companies, such as therenovationcompany.com.au that promise a quick turnaround which is always an enticing option if you don’t have the luxury of time.
The Many Perks To An Older Property
With all of the downsides, there are a lot of potential benefits to owning a home that is considered “old.” Apart from the original features which can be hard to duplicate, the location is usually in a very highly desired area because as cities tend to grow outwards over time, the older homes are in locations that are close to downtown areas and nearby to amenities and employers. The convenience of reduced commuting times, as well as easier trips to the shops, make an older home a big draw.
Older homes tend to be located in more established neighbourhoods with people who are committed to their local area and community and are long-term homeowners meaning that they have a vested interest in the future of the area and so this can be a highly desired factor of purchasing an older home.
Older Homes Have A Lot Of Potential!
If you view an old home as a blank canvas even within a desirable area, the worst types of homes can be turned into a potential money spinner. If an old home with a poorly designed kitchen and a bad quality garden is your idea of a challenge, then you can transform this into a property that is not only a highly desired one but also one that can increase its appraised value as well as the resale value when the time comes.