Home prices are rising and today’s mortgage holders are reaping the rewards. A reward of nearly $457 billion collectively, to be exact.According to Corelogic’s 2019 3rd Quarter Homeowner
7 Tips For Buying Older Home On The Famous Space Coast
Regardless if you are a first time home-buyer or an experienced buyer, these 7 tips are beneficial to scoring a great older home that doesn’t come with any regrets. Living along the ‘Space Coast’ offers endless opportunities in regards to having fun, trying new activities, making new connections and even growing professionally.
There are many new and old homes in the area, depending on what you are looking for. An older home may offer the opportunity to score a good deal on a fixer upper you can make your mark on. There is also something rather charming about older homes that new homes can’t compete with. Buying an older home has its benefits but there are countless things to look out for so that you don’t end up regretting your purchase just months, or even days, after moving in. Allow one of our superior agents at Curri Properties to help you find the ideal older home for you without all of the drawbacks.
1. Look For Older Home With New Roof And Windows
The two most common updates to older homes are a new roof and new windows. If the older home you are looking at already has relatively new windows and roof you’re in luck. Older roofs can cause a lot of issues with leaks and insulation, the sooner you fix a crumbling old roof the better. As far as windows are concerned, new windows are much more energy efficient and will help prevent a drafty home in the winter and a stifling home in the summer.
2. Contact Historical Society If You Have Major Renovation Plans In Mind
Depending how old the house you purchase is, it may be governed by special historical building codes. These codes work to protect the natural charm, characteristics and architecture of historic buildings. Contacting the local historical society will give you insight as to how much you can actually renovate on the house. These regulations could really limit what you are able to do with the home, so be sure to look into this before buying a home with hopes of completing a grand renovation.
3. Look Into Home Insurance Prior To Buying A House
Home insurance is something all home owners must obtain, but it can actually cost more to insure an older home, and sometimes by a lot. That’s because old homes naturally come with a greater risk for something to go wrong, like a pipe busting and leaking into the kitchen or a crumbling concrete foundation that needs extensive repairs. Before you ever buy a home call insurance agencies and get some numbers on insuring the property. Otherwise you could move in and then quickly find out the insurance is unaffordable or offers insufficient coverage.
4. Make Sure Your Appliances Will Fit
If you already have a refrigerator, stove, washer, dryer and other appliances and don’t plan on buying new you want to make sure that the older home you purchase can accommodate these appliances. It’s not just electrical work that might be outdated, even doorways on older homes tend to be small. This could present a problem when you try to fit your oversized refrigerator through the door. Measure all doorways before you fall in love. While it is possible to remove old doors and reinstall larger doorways, this is a costly expense that may or may not be in your budget.
5. Hire Professionals To Conduct A Thorough Home Inspection
A home inspection is important before purchasing any home but when it comes to older homes it is more important than ever. Some of the most important things to have home inspectors look out for include:
-Foundation issues, if the home you buy does not have a solid foundation you could be faced with a huge and very expensive problem. A solid foundation is the base of a home, without one the entire house at risk for crumbling in on itself.
-Any signs of termites and other bugs. Termites cause $5 billion in property damage every year in America according to the National Pest Management Association. Older homes are at the greatest risk for termite and bug infestations. Bugs can reduce wood to powder, literally. You don’t want to purchase an older home with bug issues, especially if the problem has been out of control for years.
-Mold is another issue you want to have older homes tested for. Older homes can be unknowingly infested with mold, which could make you and your family extremely sick.
-Lead paint is another thing to look out for. Any house built before 1978 could have lead paint throughout, as lead paint was not illegal up until this year. Lead paint is most harmful to developing children but it is also harmful to adults, potentially even causing cardiac arrest. There are lead paint detection kits for sale under $100. You could also hire a professional to check it out.
6. Make Sure The Home Has Updated Heating & Cooling Systems
If you don’t want to deal with installing your own heating and cooling systems, make sure the older home you are interested in has an up to date system for heating and cooling that actually works.
7. Enlist The Help Of An Agent From Curri Properties
A number of agents at Curri Properties specialize in buying and selling older homes. We don’t recommend going at it alone. Let us help you sift through the money pits in order to find a great older home with healthy bones and plenty of value.