Buying an Older Home: What You Really Need To Be Aware Of!
An old home has more character but is it going to have a significant impact on the quality of your home?
Many people prefer to buy an older house for this very simple reason, but we have to remember that there are many pros and cons to buying an older home. A lot of people don’t like the impersonal nature of a new home but while an older home is more appealing in many ways, what are some of the things you need to look at?
The Safety Concerns
This is one of the most important things you need to address at the outset. A home that exudes character may not have been maintained, especially if the previous residents had been there for decades. This is why it’s important to have specialists conduct the important safety checks. Electricians will always conduct property, and if you are in the process of buying the property, it’s important to have all of your documents, and an electrician will always provide an EICR (electrical installation condition report). The commercial EICR cost per circuit will vary to a residential one, but many electricians conduct both types of checks.
The Energy Efficiency
New homes are made according to the latest energy efficiency codes and standards and are very well insulated, which means that they are cheaper to run than older homes. But older homes may not come with all of these features. There are ways to make your home more energy-efficient, such as by installing insulation, but you have to remember that all these things are added expenses that will cost you more in the long run. The best thing to do when you are insulating a home is to go for cheaper options. For example, you can insulate cracks around drafty doors by using homemade draught excluders. But you have to remember that you can lose so much heat through the roof that you may very well be paying a lot more for your energy bills.
Lack of Storage
It is difficult to find a home that houses all of our storage. New homes have modern installations, but older homes will have quirky features like imperfect edges and sloping floors, which can cause issues with regards to storage. It’s not necessarily an issue at the outset, but if you plan on living in an older property for decades, you will have to get into the habit of decluttering.
The Costs After Purchasing the Property
While you may be saving money on the deposit now, you’ve got to think about the bigger picture. When you have cheaper mortgage repayments because the house is older, you have to remember that older properties will come with older plumbing and wiring. Therefore, they need decorating and remodelling. While this may not be a drawback at the outset of buying a home, you have to think about your costs in the long term.
While there are so many positives to having an older home, such as character, the size of the space, when you have an older property, you’ve got to consider some of these things. So, whether you want to rent out your property or live there yourself, it’s important to have some of these things in mind.