Buying an “older” home sounds like a romantic proposition. Anyone who appreciates a good antique can understand the nostalgic appeal of an ancient home whose walls are filled with history.
Older homes have amazing historical features that most new construction homes simply do not. From wood-burning fireplaces, to hand-crafted moldings, and ceilings with solid wood beams. All are treasured details that usually do not come in today’s mass-produced homes.
It’s easy to jump at the opportunity to purchase one of these cherished relics before doing a little research. However, a thorough (almost forensic) investigation is needed before buying an older home. Behind the beautiful facade, there can be a train-wreck of crumbling concrete repairs.
So before purchasing an older home, consider these 3 things.
1. Characteristics That Are Expensive to Replicate
Wide-plank wood floors, solid wood craftsman doors, wrap-around front porches… a list of romantic details that make us fall in love with these homes. The hope when buying an older home is to move right in and start enjoying the wonderful period architecture. However, that is usually not the case. With older homes come older problems. Such as old insulation, electrical, plumbing, and drywall. With these old details come new costs.
The average cost for repairs on an older home will run between $60 – $150 a square foot. Depending on the square footage the average cost can be anywhere from $100,000 to $200,000. Definitely, something to build into your budget when considering making your purchase.
2. May Require Remodeling
The modern layout most homeowners desire is a large open floor plan with big closets, multiple bathrooms, and large bedrooms. Regrettably, this was not desired centuries ago when these homes were being designed and built. Most only had one small bathroom, two if you’re lucky, and let’s not even discuss the lack of closet space.
It’s easy to fall in love with the beauty of an older home, only to discover that your family of 5 will quickly crowd the space. There will be little room for clothes in the closets, and you will soon be dreaming of a large master suite to escape the kids.
Buying an older home will most definitely require some remodeling to obtain the desired layout. Once again, this is another cost to consider before buying.
3. Two Words: Roof and Windows
Roof and windows. The two updates must be done first and should be made a priority. Any roof that is 10-15 years old will need replacement sooner than later. Older roofs begin to leak and crumble, thereby losing the quality of insulation and causing more costly repairs. Older windows are usually single pane with very low insulating properties. Older windows mean a drafty home in winter and a sweltering home in summer. Before buying your beloved antique home put these two repairs at the top of your to-do list.
Trust us, there is nothing that we love more than a home with true character and idyllic architecture. However, when it comes to helping our clients purchase these homes, we want to make sure you have your bases covered with a little bit of research. So should you desire to find “the one”, we are here to help!