subject: Things You Should Consider If Buying An Older Home [print this page] If you are home shopping, it may not take you long to decide if you want to buy a brand new house or an older one that has been previously owned. New homes are usually blank slates that allow you to move in and build your own history. They sometimes come with new home warranties and if you are working with the builder, you are sometimes able to make specific choices to suit your tastes in regard to flooring, windows and kitchens. Even with all of these positive aspects of buying a brand new home, people still opt for older homes that have had previous residents. Unlike used cars, used homes are not necessarily cheaper. In some cases, they need upgrades and renovations, requiring the new homeowners to put work into them shortly after taking ownership. Regardless of these requirements, many people want to live in an older home because they see it as having character and being more structurally sound. New homes are sometimes built on a budget, while older homes have already proven they can stand the test of time. New homes sometimes lack individualism and character, a trait many homeowners search for. If you are buying an older home, there are some important considerations, beginning with the electrical services. You can review the homes safety issues with an electrical contractor to ensure you are taking ownership of a safe building.
Depending on the home's age and condition, you may need to make some immediate changes. Consider this when making your purchase. If you will need to invest in upgrades, you should build that into the price you are willing to pay for the home. Many sellers are not interested in paying for cosmetic upgrades, but if there are structural or safety upgrades that need to be made, they may already realize this and plan to offer money toward the costs if asked.
If you will be making changes in a home, consider the licensing requirements you will face. The government has some say in what you can and cannot do to your home, and in most cases, they charge you money to get permission to make changes. As ridiculous as it may seem, you still need to budget for this when buying an older home.
When touring the home before making your offer, be sure to speak with your inspector about the structural soundness of the building. Chances are if the home has been standing in the same place for decades or centuries, you are in good shape structurally. Nonetheless, be sure to review this issue with a pro.
Finally, consider whether you will be restoring or modernizing the home. If you are planning to take on a restoration project, you may want to study the period in which you will be working. Period restoration requires research and you need to be familiar with the appropriate changes. You may also stand a better chance with licensing issues if you are restoring an older home. If you want to modernize an older space, you will need to consider safety issues, but it will require less in terms of historical research.
