When you start your search for a home to buy, you’ll find that you have all kinds of options for properties, including neighborhoods, lot size, square footage, and so on. And all can affect the cost and appeal of a particular property. But one thing that could make a huge difference in not only the up-front price of your purchase, but also in ongoing expenses and ultimate value is the age of the home. While a newer home won’t likely require much maintenance or repair, at least not in the immediate sense, it will cost you more up front. And it won’t offer you the charm of an older home. But is it wise to invest in a structure that has already been standing for decades? Can you afford the cost associated with repairs and upgrades needed to make such a home livable and add the modern amenities that future buyers will expect? Will you ultimately see the return on investment you’re looking for?
You should understand going into the process that investing in an older home is not a sure bet. Buying any property will help you to grow equity in a tangible asset, but if you fail to keep it in good condition or take steps to increase the value, you may not get back what you anticipate when you decide to sell it down the line. With new construction, this may not be a huge concern. Even if you opt to sell off the property in ten or twenty years, chances are it will still be in good shape with nothing more than regular maintenance and perhaps a few repairs. But when you buy into an older home, you’ll have to invest either time or money into fixing it up – likely both. The upside is that you can probably purchase an outdated structure for far less than newer homes in the same area, but you really need to consider what you can afford to put into your investment after the fact in order to make it pay off.
Restoration is not an easy process. The appeal of restoring an older home is that you have the opportunity to return a beautiful piece of architecture to its former glory, creating a unique and charming home for yourself and your family in the process and potentially seeing a massive return on investment down the line. But you need to be realistic about what the process entails. Repairs and upgrades can definitely get expensive, and you’re bound to end up dealing with issues that newer homes don’t have.
For example, there may be a slew of modern building codes in place that didn’t exist when your home was built, and once you start renovating you’ll have to meet modern standards by the time you’re done or you won’t get approval from city inspectors. In addition, restoration often requires certain standards and care that don’t necessarily apply to regular renovations. After all, you’re trying to preserve as much of the original structure as possible. Any professional from a reputable firm like Integrity Restoration & Remodeling can explain the difference in both implementation and potential cost. At the end, of course, you’ll have a gorgeous home that’s full of the character many modern structures lack. But you will pay the price. And you need to determine ahead of time what you’re willing to invest, as well as what you can hope to gain in the long run.