01:55:00
Buying a home can be overwhelming. Not only is it one of the biggest purchases you will ever make but there are so many things to consider. Is a big yard something that is important to you? Near great schools? Decisions like these need to be made, but then you need to consider if you want a home that is older, or one that is more modern.
Newer and older homes have their own negative and positive attributes. Newer homes have been recently painted, they have new carpeting, and you can move in without much hassle. However, these homes often come with a hefty price tag.
Fixer-uppers on the other hand, are older homes. The home has probably gone though many owners, and has been used for many years. They often have more character but could require their new owners to launch a few do-it-yourself projects.
From shag carpet to outdated kitchen cabinets, these homes might seem like a mess. Another way to look at it is that they give you the potential to make them your own. Fixer-uppers commonly come with lower price tags and more square footage than newer homes. Keep in mind that these homes will require you to put in significant labor - don't underestimate what it will take to complete.
When considering purchasing a fixer-upper home, remember to follow these important steps:
In order to accurately assess how much work will be needed for the home, do the necessary research. It won't take you much time to put a fresh coat of paint on the home or to replace the carpet, and the price for these is low considering the overall price of the home. It can be quite costly to redo the plumbing, and if repairs are needed on the foundation itself, it is another major process.
The structure of the house should be sound in order to make it a worthwhile investment. If the house has major issues like water damage, structural damage, wiring or plumbing that is outdated, or pests, it's wise to look elsewhere. Issues like this can be very expensive to fix.
In order to figure out insurance costs and keep track of needed repairs, keep a note pad with you while you check out homes and write it all down. Your lender will require you to purchase homeowners insurance if you are buying a home.
In most cases, it will be more costly to insure an older home. Home insurance carriers pay special attention to the age of the roof, electrical and plumbing fixtures, and heating and air conditioning systems. Here's why:
An older roof is more prone to leaks and structural weakness. Older plumbing is subject to leaks that can lead to long-term water damage. Older electrical systems that use ungrounded power outlets and fuse boxes especially carry a significant fire hazard.
If the home you are thinking about purchasing has some of these problematic issues, talk to your home insurance provider so you can estimate what it will cost to insure. Keep in mind that the renovations that you do, and your overall home budget needs to be considered which include your insurance premiums. After renovation, the replacement value of your home will go up as the risks associated with the older home go down, so keep that in mind. Don't forget to talk to your insurance agent about the renovations you're planning in order to maintain the level of insurance that you require.
Even if you have fallen in love with a particular home, take the time to have a home inspection before making a solid offer on the home. The home may look perfect to you, but the home inspector will be able to identify hard to see problems so that you don't find out after you move in that there are termites that have damaged the home's structural integrity.
Newer and older homes have their own negative and positive attributes. Newer homes have been recently painted, they have new carpeting, and you can move in without much hassle. However, these homes often come with a hefty price tag.
Fixer-uppers on the other hand, are older homes. The home has probably gone though many owners, and has been used for many years. They often have more character but could require their new owners to launch a few do-it-yourself projects.
From shag carpet to outdated kitchen cabinets, these homes might seem like a mess. Another way to look at it is that they give you the potential to make them your own. Fixer-uppers commonly come with lower price tags and more square footage than newer homes. Keep in mind that these homes will require you to put in significant labor - don't underestimate what it will take to complete.
When considering purchasing a fixer-upper home, remember to follow these important steps:
In order to accurately assess how much work will be needed for the home, do the necessary research. It won't take you much time to put a fresh coat of paint on the home or to replace the carpet, and the price for these is low considering the overall price of the home. It can be quite costly to redo the plumbing, and if repairs are needed on the foundation itself, it is another major process.
The structure of the house should be sound in order to make it a worthwhile investment. If the house has major issues like water damage, structural damage, wiring or plumbing that is outdated, or pests, it's wise to look elsewhere. Issues like this can be very expensive to fix.
In order to figure out insurance costs and keep track of needed repairs, keep a note pad with you while you check out homes and write it all down. Your lender will require you to purchase homeowners insurance if you are buying a home.
In most cases, it will be more costly to insure an older home. Home insurance carriers pay special attention to the age of the roof, electrical and plumbing fixtures, and heating and air conditioning systems. Here's why:
An older roof is more prone to leaks and structural weakness. Older plumbing is subject to leaks that can lead to long-term water damage. Older electrical systems that use ungrounded power outlets and fuse boxes especially carry a significant fire hazard.
If the home you are thinking about purchasing has some of these problematic issues, talk to your home insurance provider so you can estimate what it will cost to insure. Keep in mind that the renovations that you do, and your overall home budget needs to be considered which include your insurance premiums. After renovation, the replacement value of your home will go up as the risks associated with the older home go down, so keep that in mind. Don't forget to talk to your insurance agent about the renovations you're planning in order to maintain the level of insurance that you require.
Even if you have fallen in love with a particular home, take the time to have a home inspection before making a solid offer on the home. The home may look perfect to you, but the home inspector will be able to identify hard to see problems so that you don't find out after you move in that there are termites that have damaged the home's structural integrity.
About the Author:
We offer the only Richmond Hills Home Insurance policy that can be truly tailored to your needs. Get a quote and buy a policy online or by phone. Or watch our Home Insurance video.
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