If you're looking for a real repair house, you're likely to pay less than you would for a new home. And if you do the renovations yourself, you can save thousands of dollars in the long run and end up with a big investment. When it comes to renovating an older home, don't expect anything to go totally as planned, including your budget. We have found that a good rule of thumb is the cost and average for almost all the projects we have tried to tackle so far.
So what does this mean? Well, from my experience, if you have an older home, you can expect to pay more than is typical for most jobs, including floor finishing, electrical upgrades, plumbing, and more. The reason? Old houses tend to be a little Frankenstein style, there are (probably) decades of projects that have been done to them, and you just don't know what you'll find when you start opening walls or removing floors. We had to overorder backsplash tiles to compensate for a curved window frame, pay extra for floor repainting thanks to old exposed top nails, and call an electrician to remove six (yes, six) light switches that just disappeared, nowhere? Our latest project is to find a carpenter who can make us a built-in for the living room and we are already receiving above average quotes because you guessed the difficulty of our uneven floors and walls. Anticipating a larger number beforehand will save you time and distress in the long run, believe me.
You will hear that many inhabitants of old houses identify themselves as managers of a property, not as owners because for them they are only taking care of the house until the next generation arrives. This is because major repairs, overhauls of electrical and plumbing systems, foundation improvements, and extensive roof and wall work are generally invisible and hardly ever increase the value of the home enough to offset the cost of renovation. If you need more information about renovating rather than buying a new home, here are some of the pros and cons of both decisions. If it's a decision you're trying to make, read on for five things you'll want to keep in mind before pulling the trigger and buying an old home.
It pays to get the opinion of a structural engineer or contractor before buying a home. If you don't do your due diligence, you could end up buying an old house with excellent bones but a plumbing system that's completely ready to donate. There are some aspects of my current house that I would love to change, and I just wanted to make sure it was a good idea. Despite the considerations mentioned above, older homes have a multitude of benefits that you won't find in new homes, as well as an undeniable charm that can make a home feel like a home.
In places where housing costs have risen significantly and are approaching a peak, even buying a home that appears to be reasonably priced can be too expensive. While buying an older home doesn't necessarily guarantee that you'll have some costly repairs in the future, it's absolutely something you'll have to think about before you go all out, especially if you're planning to renovate.