Residential properties come in all kinds of shapes, sizes and styles. What at first sight may not seem like a good investment may turn out a bliss. The more you know about the type of property you are buying, the more likely you are going to get a better deal. The type of house to buy – old or new – requires basic knowledge about each one of them – the property you are going to call your home.
Getting to Know the Home
Any home must have the basics. A roof and sound foundation is the first criteria. Most old homes have the sound foundation, but whether the roof is sound or not is a matter of concern. The mechanical systems such as plumbing, heating, cooling and electricity are also essential basics.
The home you are buying needs to be secured reasonably with locks on the doors and windows. Almost any property you consider as a potential is likely to need something fixed, added or replaced.
But this probability is small when it comes to new homes, which is the main advantage of buying a property that is relatively new; some small items can easily be added or taken care of with very minimal effort.
Problems with Old Homes
Some homes that are old or built a few decades ago will have serious cosmetic appearance problems. A kitchen floor might appear outdated, you might have a bathroom where the sink, tub and toilet are out of style. It might take a major renovation to change all of them.
Before buying a house, you should realize the possible hazards and make the property safe for anyone living in it. Older residential properties could have lead paint in them. Many homes with this paint still exist. Lead-based paint cannot be simply scrapped off.
It can be toxic, particularly for children. Also, beware of musty odors in older homes. Any property that had roof repairs, replaced, basement leaks or other plumbing problems in the past may be related to mold.
In a Nutshell
There are a multitude of additional problems that you might encounter in a old home. Those problems may not be covered by the insurance companies. Termite infestation, asbestos, storage tank leaks are some of them. And termite infestations can have a devastating impact on the house you are buying.
But there is always a fundamental question that you must ask yourself before buying any home. Since it is a residence, the goal is for someone to live in it. Obviously, people with flair for technologies and comfort living, would prefer newer homes to older homes. However, be careful of the location.
There are plenty of places where rents are high and tenants do not care if the house is 10 years old or 50 years. Also, there are plenty of good tenants on tight budget who are looking for affordable place, so even if the home is equipped with latest appliances, if the location is problematic, no tenant will want to live there.