Are you considering buying an older home? Is it a “fixer-upper” or a “handyman special”, or does it just need a little love and elbow grease? Older homes are usually more affordable and that can make them attractive. Here are some of the considerations that need to be made.
Older homes can be diamonds in the rough. Craftsman style homes with their beautiful built-ins, exposed beams, and hand-crafted stonework. Gothic or gothic revival, grand in stature, with their pointed arches, elaborate doorways and dormers. Mid-century modern, first built in the 60’s and 70’s, characterized by their low pitched roofs, clean lines and large windows. And the workhorse of the decades, the practical bungalow, where all the “living” happens on one level. No matter the style, older homes can come with issues determined by the materials of the era they were built in.
For instance, before 1950, the electrical would likely be knob and tube. It’s not considered safe, and insurance companies will often give you a deadline to have fixed. It’s an expensive fix, easily going over $10,000 in some homes. The cost of that should be reflected in the selling price.
Homes built from the mid 1960’s to the mid 1970’s may have aluminum wiring. Aluminum was cheaper than copper in that era, and builders embraced it. However, they quickly learned that aluminum wiring contracts and that can cause arcing. It’s best to either replace or fix aluminum wiring. Replacing it can be expensive, like knob and tube, but there is a more more affordable solution that is generally acceptable for home insurance purposes. Check with your electrician for an estimate on both methods.
Prior to 1980, asbestos can be found in insulation, ceiling and floor tiles, flooring adhesives, and encasing old boilers or pipes. Asbestos does not present a significant hazard if undisturbed, however, disrupting asbestos in any way can release small particles of hazardous asbestos dust into the air in your home. If you are considering removing it, or moving it, have it tested, and hire a contractor authorized to handle asbestos.
If the home was built before 1976 there may be lead plumbing lines in the home, and lead-based solder was often used in plumbing until 1986. A plumber or home inspector can identify whether the water supply pipe is made of lead
The bottom line with older homes is get an inspection! Know what you’re getting into. Your realtor can recommend a local and trusted inspection company for you. A thorough inspection will help you make solid decisions about the affordability of taking on a project home. And when you do:
- Hire good contractors. Check the Better Business Bureau ratings, ask for references, and make sure they and whoever they contract out to, are qualified to do the jobs they are doing.
- Don’t overextend yourself financially. Add 20% to your reno quote, just to be on the safe side.
- Check with Efficiency Manitoba for energy efficiency programs or incentives when you’re looking at replacing windows, doors, heating systems or adding insulation.
- Be realistic – you’ll have to deal with the mess, the time, the upheaval of living in a house under renovation. It’s not for everybody.
And what if that older home is in a rural area? Whether its older or newer, there can be a learning curve if you are moving from an urban area to a rural one. Check out my next blog where I’ll be talking about what you need to know when you are moving to the country.
If you want some guidance when buying an older home that needs some work, feel free to reach out to me. I’ve experienced it from both sides; as a homeowner, and as a realtor. Give me a call or send me an email or text.
