The idea of buying an older property can be very attractive to many people. They picture a very quaint and architecturally stunning property in which they can live a comfortable life. In theory, it sounds delightful, and in some cases it can be true. However, there are a number of pitfalls that you must consider before going ahead and taking the plunge. Let’s have a look:
1 – It can be more expensive than you think
Unless you’re buying an older property with the desire to renovate it and flip it for a profit, then you should be aware of how expensive it can get, and quickly. Very rarely will you buy and old property that is structurally perfect, and you’ll almost certainly have to redecorate the majority of the house. So, whilst you may think that you’re getting a good deal, when you factor in all of the expensive changes that will need to be made, you can often end up spending more than you would on a brand-new property.
2 – Renovations can be very limited
Depending on the area in which the property is located or whether or not it is protected and listed building, you can be very limited with the changes that you can make in terms of renovations. Thus, you should ensure that you are completely satisfied with the property before moving in, or at the very least, research what changes you will indeed be able to make. Many people have made the mistake of rushing in due to a really good price, and finding themselves stuck in a property that they are unable to make comfortable enough to live in.
3 – Homeowners insurance will be through the roof
Insurance companies are very clever when it comes to pricing their cover and what you will often find with older homes is that it’s very expensive. Why? Because there is so much that can and often will go wrong. A new build on the other hand will likely need very few repairs over the coming years, which is why it is such an attractive option.
4 – Your utility bills will be much higher
New properties are built to an exceptional standard, using quality insulation methods, eco-friendly heating systems, and low-usage electricity lighting and appliances. Thus, you must be prepared to pay much more for your utilities when living in an older property. In addition to that, stripping an old property and then installing new and efficient systems will cost you an arm and a leg.
5 – If the price is too good to be true, it probably is
You should always do your due diligence before rushing into an older property. It’s very easy to buy with your emotions, falling in love with the location and aesthetic, and falling for the incredibly low price. The fact is, if the price is too good to be true, there’s normally a very good reason for it. Or rather, a bad and expensive reason! So, do your research and take your time.
Again, if you’re in the business of buying older properties and renovating them for profit, then buying an older house can be rather viable. However, if you’re after your forever home, then a brand-new build from a reputable property developer is often the best way to go.