Is An Old Home for You The Cons
Below is a MRR and PLR article in category Finance -> subcategory Real Estate.
Is an Old Home Right for You? Understanding the Cons
Buying an old home, especially one with historic charm, can be appealing. However, it's crucial to weigh the pros and cons carefully before making a decision. Are the benefits worth the challenges? Let's begin with a cautionary tale.
The Drawbacks of Owning an Old Home
Back in 1972, my husband and I purchased a charming old house from 1825. We moved in on August 15. The next morning, my husband left for a business trip at 5 AM. An hour later, I flipped the switch for the chandelier in the downstairs hall. I got more than I bargained for: a flash, followed by what looked like lightning up the cord. The spectacle continued even after I turned the switch off. I rushed to call our sons (then aged 10 and 11), and we hurried next door to alert our neighbors and call the fire department.
The fire department arrived swiftly, beating us back to our own home. By the time my husband returned that evening, numerous professionals had visited: an electrician to update outdated wiring and replace a fuse box, a painter, and a floor refinisher for fire and water damage. Meanwhile, our sons had been offered marijuana by local youths?"a reminder that old homes often exist in transitional neighborhoods.
We fixed the wiring, postponed the floor repairs, painted ourselves, and continued our sons’ schooling in their previous district.
Living happily in an old house requires flexibility. Standard sizes are rare, and right angles are a happy accident. During renovations, we discovered that the floor of our front hall is six inches higher on one side than the other. Forget finding parts at big-box stores; you're more likely to need custom-made solutions. Be prepared for a hefty maintenance budget or a commitment to DIY efforts.
Our Ongoing Old Home Adventures
Here are some of the projects we've tackled over our 30+ years in this house:
1. Plumbing updates
2. Electrical improvements
3. Heating system replacement
4. Chimney repointing
5. Custom dampers for our four fireplaces
6. Additional insulation
7. Repeated painting
Our home boasts real wood, not vinyl, and a standing seam tin roof?"the original. Consequently, painting is a massive undertaking. Given the building’s two stories and high ceilings, some surfaces are quite high. (My husband has even fallen off the roof twice!) Currently, we’re hiring professionals to repaint. The bids range from $15,000 to $20,000?"highlighting the need for a sizable maintenance budget.
Clearly, owning an old home comes with significant challenges. It's a rewarding experience, but make sure you fully understand what you're getting into.
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