Older homes often times offer more charm and character than the newer houses of today. They boast gabled roofs, crown moldings, hardwood floors, antique fixtures and the list goes on.
Buying an old house is like buying a piece of local history. Its beautiful period features can give it a timeless beauty and grace that is hard to resist.
Buying a house from
another era can be a rewarding experience or an endeavor fraught with potential
problems. The key is having a well organized plan and a the right professional early in the home shopping process. Older
houses are not necessarily built to the same electrical or plumbing standards of
today. Plus, if they have not been maintained correctly through the years, they
can turn into a serious money pit or a potential hazard. That being said, the
first thing you need to do is express your wishes with our real estate agent.
Additionally you want to
think about the following when considering buying an older
- Always hire a professional
real estate inspector with and FHA 203K Consultant certification to take a close
look at the property and attend your inspection. A professional inspector is
trained to spot structural damage or issues that might seem minor, but may cause
major problems in the future.
- Look for signs of moisture
damage. Many old houses have problems with moisture because over the years they
- If the old house you are
considering has vintage wiring, such as the knob-and-tube technology that was
popular around the 1920s and 1930s, plan to completely update the wiring for
- You might need to add
insulation. Many older homes donâ€™t have insulation in the walls or attic, which
can increase the size of your energy bill and be sure to talk to your lender
about the energy efficient
mortgage you're automatically approved for when securing an
FHA, VA or Fannie Mae mortgage.
- Be on the look out for iron
pipes, which were popular up until 1940. They can become clogged with rust and
may need to be replaced.
- Have the house tested for
asbestos, if it was built before the 1960s.
- Secure financing with an FHA 203K Streamline or
Traditional Mortgage. You can include the cost to repairs and
remodeling on these homes to restore their original charm and mix today's modern
technology with your home's period features to create a combination of charm and
safety. And, don't forget to ask your lender about including up to six months of
house payments into your renovation loan. FHA encourages home buyers to take
advantage of this ability, so you can remain in our current residence while
renovation your new purchase and creating the home of your dreams.
These are just a few things
to which to pay attention when buying an older home, but the experience could be
better when you have team of real estate professionals all on the same page and
that begins with a plan only a networked real estate agent can create for you, so pick
a good one.