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I bought an old victorian home years ago. Money pit. It had knob and tube wiring, plumbing leaked, pipes wrapped with asbestos, sloping floors etc, etc. Beautiful architecture but a money pit.
Are you in a position to do a gut rehab? Think new plumbing, electrical, heat/hot water, roof, windows, bathrooms, kitchen, etc, etc.... Do you plan on living in it while the work is happening? Do you have at least as much money to put into the rehab as you spent to buy the house?
I just got finished with one of these as an investment property. It was a lot of work and a lot of money, but you can get value out of it. Just plan on it costing more and taking longer than you plan on.
A lot of people prefer old houses (myself included).
Also, it depends on the location. Some of the most expensive, desirable towns in NJ -- such as the ones on the train lines to NYC -- were mostly built out between the 1800's and the 1920's and have almost nothing but old houses. A lot of people seek out these towns not just because of the easy commute but also because they appreciate the old houses.
You have to decide if you have the money, time, interest, and skills to deal with home improvement. As BBMW said, it will cost more and take longer than you think. You might find an old house that's in good shape and just needs some cosmetic updates. If you are a first-time homebuyer, I don't think it's a good idea to buy a major fixer-upper unless you have a lot of handyman skills.
Don't skimp on inspections before you buy. Before I bought my current house, I brought in two separate home inspections, an engineer, a plumber, an electrician, and a tank sweep guy -- all at my own expense -- but it was worth it to know what I was getting into.
Some companies don't insure old home. So this is something you should considered.
That can be true. It's mostly related to the condition of the house and the presence of an in-ground oil tank. When I first bought my fixer-upper (built in 1857), I had to go with an expensive policy from a specialized company, but once the repairs were completed I was able to switch to a normal policy. My mortgage company was able to refer me to companies that would cover my house.
Policies for old houses probably do cost more. One reason for that is rebuild cost. Old houses have finishes that are expensive to re-create -- fancy exterior trim, plaster walls, complicated roof lines, solid wood doors, ornate baseboards, beautiful old wood floors, etc. The estimated rebuild cost for my house is almost exactly twice the price I could reasonably expect to sell it for (and I live in a town with a hopping real estate market).
1) does it make sense to buy 90+year home. That is a value judgment, and the answer is connected with your personal values.
Can it be resold? Of course it can. If you want to buy an old house, surely there are others who feel likewise, but you may well need to do many of the things that I list below in order to sell it.
2) what are the things i need to take care while buying a old house.
Well, the first myth that you need to be aware of is "they used to build houses better than they do nowadays". The reality of the situation is that older homes do not comply with modern construction codes, and that makes them inherently weaker in key areas such as roof bracing. Yes, the materials used to build those old homes is charming to look at, but maintenance can be very expensive.
You do not have to bring an old house up to modern codes, but you may want to do so in regard to...
...installing/upgrading insulation in the attic and inside the exterior walls...
...replacing old windows with energy efficient thermal windows...
...replacing old appliances...
...installing a new heating system and possibly central A/C...
...upgrading old wiring that cannot support modern appliances...
...installing hard-wired smoke and CO detectors...
...replacement of old, calcified pipes...
...installation of extra bathrooms...
As to how much all of the above might cost, think in terms of at least 5 figures.
A lot of times, it can be easier to just demo an old house, and rebuild it using modern construction techniques (I'm thinking modular here.) You'd end up with a better house cheaper than gutting renovating the existing one. I may do this with my next project, if I do it in North Jersey.
Quote:
Originally Posted by Retriever
Well, the first myth that you need to be aware of is "they used to build houses better than they do nowadays". The reality of the situation is that older homes do not comply with modern construction codes, and that makes them inherently weaker in key areas such as roof bracing. Yes, the materials used to build those old homes is charming to look at, but maintenance can be very expensive.
You do not have to bring an old house up to modern codes, but you may want to do so in regard to...
...installing/upgrading insulation in the attic and inside the exterior walls...
...replacing old windows with energy efficient thermal windows...
...replacing old appliances...
...installing a new heating system and possibly central A/C...
...upgrading old wiring that cannot support modern appliances...
...installing hard-wired smoke and CO detectors...
...replacement of old, calcified pipes...
...installation of extra bathrooms...
As to how much all of the above might cost, think in terms of at least 5 figures.
Another thing to consider about older homes is that they tend to have limited storage space. The closets in my house's bedrooms are extremely small. People just didn't accumulate as much crap 100 years ago as they do today.
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