Buying older properties

If you’re a sucker for character, then you’ve probably considered buying an old house. Period features make excellent selling points, and things as simple as open fires or exposed wooden beams can really add to property value. Here’s our advice on what you need to know when purchasing an older property.

Check its condition

Old houses are more likely to be rough around the edges than more modern properties. There might be structural damage, asbestos, or any number of other problems which could cause a headache later. Be sure to check for rodents too – they have a habit of nesting in Victorian houses.
Old homes are appealing not just for their character, but also for their durability and sturdy walls. Yet their longevity can work both ways: if they’re still standing now, how much longer can they last? Make sure any home you’re looking to buy has strong, sound foundations and is in good structural condition.

Think about hidden costs

The biggest problem with buying an old house is that it comes with upkeep costs. The house is likely to be less energy efficient for a start, meaning higher bills in the winter as you try and keep it warm. And there are additional problems too, as older homes are more susceptible to mould and mildew over time.
There is also the potential for costs immediately after moving in: rooms may need redecorating, skirting boards could need repainting, and features common in new build houses – like double glazing, outdoor lighting and security alarms – may all need to be installed at your own expense.

Haggle for the best price

Unlike new houses, older properties have already seen their prices rise considerably since they were built. If the homeowner has lived there for a long time, they may have seen its price increase by many times: the average house in St Albans, for example, would now sell for 455% more than it was bought for in 1995.
Buying houses from their owners allows you to negotiate for the best price, rather than having to pay a flat sum for a new build. This is especially pertinent for older houses, as you can leverage the owners’ wish to move to potentially help a lower offer get accepted.

Whether you’re buying or selling an older property, HouseSimple.com can make property transactions easy and quick for everyone involved.