There is something to be said about buying an older home, something rich with character and history that gives the home its very own unique independence! However, if you are looking for a more involved flip in an older home while keeping some of that antique charm there are a few things you want to consider.
- More than one inspection may be necessary, one inspection, in the average home may be enough, but in an older home there might be more issue than the average home. When purchasing a home spending more money on an inspection you already had can seem unnecessary and overzealous, but piece of mind is priceless. A bug inspector would be beneficial as well, with an old home, all kinds of critters and crawlers have had plenty of time to make small metropolises in your future.
- With age, comes with characteristics you may think are outdated, like lead paint for example. Check for lead paint, especially if you have children. It certainly shouldn’t be something that deters you from buying the home but it is a good idea to know exactly what kind of remediation would go into fixing the issue.
- How well is the house insulated? If you are unaware that the house is poorly insulated, you could end up spending a fortune on the energy bill that you were not initially anticipating. If the house is poorly insulated you could most definitely add insulation! However, it could be very expensive to add the insulation if it is lacking, and you should keep that in mind when considering your renovation expenses.
There are a range of other things that you should consider when investing and renovating an older home, but, the above is a good place for you to start! Happy investing and Good Luck!