Older homes have a sense of character that has evolved through time, as well as a lot of history that you will eventually become a part of. So, if you like periodic features, spiralling staircases, and high ceilings, an older home could be right for you.
In addition, an older building is ideal if you’re planning on sinking your teeth into a restoration project, since something will almost always be looking a bit worn and in need of an update.
In this blog, we’ll take a look at why buying an older property can be an ideal solution for many – whilst highlighting some of the factors that you must consider when purchasing an older property, in order to make the most of your investment.
Advantages of buying an older property
There are many advantages of buying an older property, including:
1. Affordability
In most cases, the price per square foot of an older home is lower than that of a new home.
2. Character and charm
Older homes often have features that newer homes do not, such as detailed mouldings, hardwood floors, and built-ins. According to a survey, 82% of respondents would prefer to buy a period property over a new-build house.
The survey of 1,000 UK adults also revealed that the main reason Brits would rather invest in an old home is because of its original features, with 51% citing this as the motivating factor.
3. Solid construction
Another advantage of older homes is that many were constructed by great craftsmen who paid meticulous attention to detail.
They have withstood numerous storms and stood tall for decades, if not centuries, proving themselves to be strong and dependable constructions – something that can never be assured with new constructions.
4. More space
Space is one of the most appealing features of older homes. In comparison, rooms in older homes are often larger. Outdoor space is also typically larger, making older homes more desirable to younger families.
5. Established neighbourhood
Older homes are often located in well-established neighbourhoods with mature trees and in close proximity to schools, parks, and other amenities.
What to look out for when purchasing an older property
There are a few things to keep in mind when purchasing an older property:
1. Check for any structural issues
Older properties may have hidden structural issues that can be expensive to repair. Look out for cracks in plaster, brickwork and stonework, bulging or leaning walls, sagging roofs and roof leaks and uneven floors. It’s highly advised to have a thorough inspection done by a professional before making an offer.
3. Be prepared for higher utility bills
Older properties are often less energy-efficient than newer ones. Because of their age, they may have big holes in the floors, a lack of a cavity wall for insulation, and single glass rather than the more common double or triple glazing – so be prepared for potentially higher heating and cooling bills.
4. The location of the property
Purchasing a home in a high-value area may result in a higher purchase price, but you’re more likely to witness a gain in value within the first few years. Do some research on Zoopla and Rightmove to check what properties in the same street are renting/selling for and see whether you’ll be able to make money in the near future.
On the other hand, you could discover something in a more up-and-coming region for a lower price, which could be a great investment.
5. Have a realistic budget
It’s critical to be realistic with your budget; many homeowners wind up paying twice as much as they planned due to unanticipated complications. To avoid running out of money and being unable to complete your improvements, add at least a 20% buffer to your initial budget. Although a house in need of repair will be less expensive, you should consider the price of big changes up front (and be realistic about the delays and unexpected issues that you might run into).
Final thoughts:
Whether you’re looking to buy your first home, or adding to your portfolio, buying an older property can provide a unique set of benefits. Buying an older property can be a great decision that provides not only lower prices interest rates, but more space and a unique style that most homes today don’t have.
That being said, it is always a good idea to hire a home inspector when purchasing a home. They will be able to see things in your home that you may overlook. This includes structural issues, energy efficiency and future repairs that you need to consider.
Take a look at our range of older properties and newer properties for sale at the moment and find your dream home.
