The Hidden Costs of Buying an Older Home
The hidden costs of buying an older home can sometimes leave homeowners shocked and unprepared to deal with the amount of money needed to correct the problems. No matter how nice an old house looks avoiding future expenses should be a buyer’s top priority.
There’s no question that older homes have a charm and appeal that newer homes cannot match, but they also come with a potential set of costly problems newer homes do not have. Below are five hidden costs of buying an older home that every home buyer should be on the lookout for:
- The Garage: Many older homes that have garages were not built to handle giant SUVs and pickup trucks; furthermore they were not designed to be storage facilities for the plethora of personal items Americans collect over the years. These garages were built in a simpler time and were generally meant to just store a car. When considering an older home, check the dimensions of the garage carefully. If you don’t check the garage carefully, it could turn into a storage area.
- Cement Work: Many homes from the 1950s and early 1960s feature large expanses of cement in the form of sidewalks, patios, driveways and walkways. It is rare that this cement work survived in tact over 40+ years, so make sure you plan for the costs of repairing cement — especially walkways, which can be a potential hazard.
- Windows: Hopefully the older home you are looking at features a good set of energy efficient windows from a quality manufacturer. Older windows are notoriously drafty and lack the energy-efficiency of modern windows. Replacing them will be high on your priority list.
- Roofing: Have your home inspector make a thorough check of the roof. If it needs to be replaced, the cost could be significant. If you must replace it, do it right and strip the old material off, check and repair the sub-roof and then use quality materials to re-roof the home. With and old home, spend the money on the roof as soon as possible because having an up to date roof is paramount.
- Updating the décor: What was once fashionable could now be out-of-date and desperately in need of a refresh. This includes paint, fixtures such as sinks, bathtubs and toilets as well as wood floors and carpets. Costs can really add up, so make sure to take into account everything that you may want to change.
While we only listed five hidden costs of buying an old home, we hope that it has helped you think more carefully when considering a purchase of an older home. Keeping these considerations in mind, along with smart planning and budgeting will make your purchase much more rewarding and enjoyable. Buying a home is one of the biggest decisions you’ll make; therefore you must take everything into consideration and minimize expenses in every way possible.
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