Purchasing an Old Home

If you are considering buying a home then you have a few decisions to make. You can either build a brand new home or you can buy one that is being sold by its current owner. Many people do not want to take on the headache of building a new home so they opt for the latter option. But, it is important to do your homework before you purchase an old home. If you do not, you could be left with a costly repair bills adding up unexpectedly.

What to Look For

First of all, it is imperative that you hire a professional to do a thorough home inspection before you buy. They are trained to identify issues that may not be obvious to the untrained eye. Remember, you are not expecting the property to be flawless and perfect, but you do want to avoid any major issues.

They will report back any issues that they noted. You will need to decide if any of those issues are a deal closer for you. For example, if they note anything like a cracked foundation or bug infestation you may want to reconsider. Something like termites or cockroaches could be quite difficult to rid the house of and they may have already causes some serious damage to the structure.

If none of the repairs are deal closers then you need to take a look at exactly what the repairs entail. If any of the major systems like plumbing, electric, or heating and cooling systems need a replacement you will need to factor that cost into the investment. Also, exterior projects like roofing, siding, and windows can get quite costly as well. If you are a handy man or skilled in a specific trade then you may be more open to a fix up project that you would be able to do yourself.

Once you have considered the home inspectors recommendations, it is time to consider what other renovations you would want to see happen to the home. They may not be required renovations to make the house structurally sound or preserved but they are important to you. For example, you may find the old shag carpeting to be an eye sore and would like to see nice new hardwood throughout the home. Or, it may require something as simple as a new paint job throughout.

Whatever your preferences are for renovations you should make a list of these as well. Combine the list from the home inspector with your list and begin to add up what all of the repairs will end up costing you in the end. You will need to decide if what you are paying for the home and what you will be financial investing into it will be worth it in the end. That means that the value of the house with the renovations must go up enough to justify the money you will put into the house.

And, when you are purchasing an old home you will need to make sure you have a homeowner's insurance policy ready to go from the day of purchase. If you wait to get your policy until you move in you may never be moving into your home. A homeowners policy will protect your home from fire, flood, and other natural disasters. And, it will also protect you from a lawsuit from any contractors that are injured while making repairs to your old house. The investment of homeowners insurance is just as important as the investment you are making in this home.

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