If you\u2019ve house hunted before, you know how difficult it is to get decent housing, and the thought of creating your perfect abode by buying and renovating an old house may pop up occasionally. <\/p>\n\n\n\n
While acquiring the fixer-upper presents an opportunity to build your dream home with an established foundation, it is not a walk in the park. <\/p>\n\n\n\n
There are various factors to consider before embarking on the time-consuming and expensive journey to ensure you don\u2019t regret it.\u00a0<\/p>\n\n\n\n
Let\u2019s look into some of them to help you get value for your money.<\/p>\n\n\n\n
Of course, pricing is always a priority factor when making any purchase. However, when buying an old property you wish to renovate, a lot more is at stake, so you need to think long and hard about the house\u2019s price.<\/p>\n\n\n\n
Remember, one of the most prominent reasons to purchase an old home is the relatively low price range compared to other real estate. <\/p>\n\n\n\n
Therefore, you\u2019d want a house with fair pricing so you can use the extra cash on repairs and renovations on the old house to transform it to your liking. It should cost significantly less than a newly constructed building.<\/p>\n\n\n\n
However, be wary of fixer uppers with shallow price tags. Such pieces of real estate usually have serious underlying issues that may cost you a fortune in your renovation bid.<\/p>\n\n\n\n
Read More:<\/strong> Is It Smart To Pay For A House In Cash?<\/a><\/p>\n\n\n\n You know how important it is to know how long someone\u2019s been single before jumping into a committed relationship? Well, the same concept applies to buying an old house.<\/p>\n\n\n\n Committing to purchasing an old house and renovating it is a severe affair that necessitates you to know everything about the place. Knowing the duration of the house\u2019s vacancy could help you gauge its shape and the level of renovation it may need.<\/p>\n\n\n\n If it was recently occupied, chances are that it is in excellent condition and only requires a few repairs as you incorporate your desired design.<\/p>\n\n\n\n On the other hand, houses that have been vacant for long periods often sustain various damaged components<\/a>, especially when they are not regularly maintained. Therefore, you may spend a lot more on their restoration.<\/p>\n\n\n\n No one wants to live in a safety hazard. Imagine living in a building at risk of collapsing at any moment; it would indeed be tragic!<\/p>\n\n\n\n In this regard, old houses may have sustained tremendous damage over the years, compromising their structural integrity. Therefore, it is paramount to have the building\u2019s foundation checked to see whether it can withstand the test of time. In most cases, you may be required to conduct an underpinning<\/a> to strengthen its foundation.<\/p>\n\n\n\n Check for cracks on walls, windows, and door heads, which indicate a compromised foundation, or hire a surveyor to write a structural report<\/a>. Ensure you and your loved ones\u2019 safety and avoid making a regrettable purchase.<\/p>\n\n\n\n Read More:<\/strong> How Do You Avoid Buying a Money Pit?<\/a><\/p>\n\n\n\n It is essential to have your house insured to protect your valuable assets in case of a natural disaster or damage from unforeseen circumstances.<\/p>\n\n\n\n Since the kind of home insurance coverage you get depends on your house features and the amount of money you have, you should always consider the insurance cost before purchasing an old house. <\/p>\n\n\n\n The vintage houses usually have antique elements such as Dutch doors and tin ceilings which may cost a fortune to replace in case of damage, thus elevating insurance costs.<\/p>\n\n\n\n It would be wise to consult an insurance agent and get a quotation before deciding to make the purchase and subsequent renovations.<\/p>\n\n\n\n Completing the renovation of an old house to a habitable home with appealing aesthetic features is not an easy feat. Generous financing is required to complete the project. <\/p>\n\n\n\n You may spend a lot of money from buying various materials and equipment to paying contractors. As such, you want to ensure a great investment return if you decide to sell the house.<\/p>\n\n\n\n Suppose the accumulating cost of buying and renovating the house is higher than its selling price in the existing market. In that case, it probably isn\u2019t worth buying and renovating the old house.<\/p>\n\n\n\n Read More:<\/strong> What Are The Risks Of Buying An Old House?<\/a><\/p>\n\n\n\n It goes without saying that if you plan to buy an old house and make adjustments, you should consider the renovations before making the purchase. Ensure the house\u2019s structure and layout do not limit your planned renovations to avoid frustrations after buying it.<\/p>\n\n\n\n For instance, if you plan to have an open design, ensure the house can accommodate it before purchasing. The best way to ensure this is by consulting and working with professional architects, contractors, and interior designers.<\/p>\n\n\n\n Similarly, you should confirm the renovations and improvements you plan to make are within your budget to avoid financial woes.<\/p>\n\n\n\n Renovating an old house is a time-consuming exercise that requires a lot of precision to get right. Depending on the severity of damage sustained to the building and the desired uplift, the activity could take weeks or months. <\/p>\n\n\n\n Hastening the process could result in undesirable outcomes as you may end up with a finish you did not want.<\/p>\n\n\n\n Therefore, it is vital to consider the time it\u2019ll take to complete the renovation project and make adequate living arrangements as you wait.<\/p>\n\n\n\n Although a house\u2019s drainage is one of its most essential features, most people do not consider the system\u2019s state before buying an old home. <\/p>\n\n\n\n The drainage system has a significant bearing on a building\u2019s structural integrity since leaking drainage systems could deteriorate the ground\u2019s bearing capacity and collapse the structure.<\/p>\n\n\n\n In this regard, most old buildings have clay pipes as part of their drainage systems. Due to the material\u2019s fragility, the gutters and pipes often develop cracks, leak, and create safety hazards. <\/p>\n\n\n\n If you plan to buy an old building, ensure its drainage systems are of the past half-decade or replace it with PVC pipes<\/a> if you have the financial capacity.<\/p>\n\n\n\n The lifespan of components is perhaps the most essential factor to consider when buying an old house since it determines the magnitude of renovations you\u2019ll make to the property.<\/p>\n\n\n\n Let\u2019s explore some crucial components and their lifespans so you can know where to start.<\/p>\n\n\n\n Below are the lifespans of common roofing systems you\u2019ll find in old homes:<\/p>\n\n\n\n Below are the lifespans of different plumbing pipes:<\/p>\n\n\n\n Account for the home\u2019s foundation type and expected longevity when deciding whether to purchase an old house for durability. Foundation materials have different durabilities as outlined below:<\/p>\n\n\n\n2. Duration of Vacancy<\/h2>\n\n\n\n
3. Structural Integrity<\/h2>\n\n\n\n
4. Insurance Cost<\/h2>\n\n\n\n
5. Return on Investment<\/h2>\n\n\n\n
6. Planned Renovations<\/h2>\n\n\n\n
7. Time<\/h2>\n\n\n\n
8. Drainage<\/h2>\n\n\n\n
9. The Lifespan of the Components and Systems<\/h2>\n\n\n\n
Roof System<\/h3>\n\n\n\n
Material<\/strong><\/td> Lifespan<\/strong><\/td><\/tr> Asbestos Cement Shingles<\/strong><\/td> 40 to 60 years<\/td><\/tr> Asphalt Shingles<\/strong><\/td> 24 to 30 years<\/td><\/tr> Wood<\/strong><\/td> 30 to 40 years<\/td><\/tr> Clay Tiles<\/strong><\/td> 100 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Plumbing Pipes<\/h3>\n\n\n\n
Material<\/strong><\/td> Lifespan<\/strong><\/td><\/tr> ABS<\/strong><\/td> 50 to 80 years<\/td><\/tr> Copper<\/strong><\/td> 50 to 80 years<\/td><\/tr> Galvanized Steel<\/strong><\/td> 40 to 60 years<\/td><\/tr> PVC <\/strong><\/td> 50 to 80 years<\/td><\/tr> Clay<\/strong><\/td> 50 to 60 years<\/td><\/tr> Cast iron<\/strong><\/td> 50 to 80 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n Foundation<\/h3>\n\n\n\n
Material<\/strong><\/td> Lifespan<\/strong><\/td><\/tr> Brick Pier<\/strong><\/td> 50 to 80 years<\/td><\/tr> Treated Wood Piles<\/strong><\/td> 40-75 years<\/td><\/tr> Thickened Edge Concrete Slab<\/strong><\/td> 100 years<\/td><\/tr> Concrete Footing<\/strong><\/td> 100 years<\/td><\/tr> Stacked Concrete Block<\/strong><\/td> 25 to 50 years<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n