While being the youngest of the Smith brothers, Boyd learned early on to make due for himself believing in the importance of keeping a car running and a roof over his head. Boyd says he always enjoyed working on cars, but fixing up old homes became his first love along with playing bluegrass music on his banjo. As Boyd and I sat down to discuss finding a "older dream home" in the Albuquerque area, we went over the pros and cons of buying an older home.
So, Why Do People Love Older Homes So Much?
I believe one of the reasons to be that they have architectural styles, materials and structural features that are almost impossible to find in the homes built within the last 30 years. Many older homes have grace, warmth, and charm - qualities often lacking in newer homes. For example, they often featured large, formal dining rooms in which extended families would gather on a weekly basis. Bathrooms had pedestal sinks and claw foot tubs; family rooms had large brick fireplaces; and, every so often in a fancier home, the kitchen had a butler's pantry. In addition, the size of the lots were often larger, because the land was less-expensive when these homes were built.
Is That Antique Too Unique?
One important point to realize about these older homes is that the type of rooms, room sizes and closet space may have worked just fine in 1909, but they do not provide the functionality need for our 2010 lifestyles. I have seen fabulous older homes great for the large family with 6 bedrooms - but with only 1 bathroom! Can you imagine your family getting off to school or work in the morning with only 1 bathroom? Ha - could be standing room only! I find many older home seekers changing their minds when they see pint sized closets, small master bedrooms, crowded bathrooms and an unusable, gigantic space in the formal living room. They are also disappointed that the home does not have an garage or if it does, that it is detached from the home and located in the back yard. They also wonder why the bedrooms are not "split" (i.e., master and kids' bedrooms located on opposite sides of the house) or why they don't have open floor plans in which you can see the family room from the kitchen.
Can the Older Dream House Become Become Your Worst Nightmare?
Unfornately, there are many challenges involved in buying some older homes. Electrical, plumbing, or heating and aire systems may be outdated and in need of an upgrade. Many of these homes have cheap metal roofs. Upgrading these systems are the most expensive repairs one can make on a home.
Insurance companies may charge higher premiums on homes more than 50 years old, and the homeowner has to show proof through a "four-point inspection" that the roof, electrical system, heating and air system, and plumbing have all been updated.
Often, the floors sag on homes that were built above grade. This is from settling that takes place over decades, and may require a structural engineer to go under the home and "lift" the floors back into place.
On top of that, some of the attics have rodents or other pests that will require the services of a professional exterminator.
It is alway recommended that homebuyers have inspections done, but this is even more vital with an older home. The general home inspection will cover most of the structural systems, roof, applicances, etc.
In Love With a Historical Home? HUD Can Help
There are special programs available for homebuyers who want to buy that charming little fixer-upper. One of the best known is the FHA 203(k) program. This program is designed to give the borrower one mortgage loan to finance both the acquisition and the rehabilitation of the home. The mortgage amount is based on the projected value of the home when the work is finished, and takes into account the cost of the repairs. More information on this program can be found at HUD.gov.
In many areas, the older homes were built in neighborhoods that are now designated as "historical districts," and these homes now require special permits before remodeling can occur. Doors and windows often have to conform to other homes in the area, and must be specially ordered because the older home sizes are not standard inventory to be found in home improvement stores. You might also have to get approval on the color you choose to paint the exterior. The purpose of these standards is to preserve the look and feel of the homes from the era in which they were built.
Pros and Cons Conclusion
So, the reality is that there are both pros and cons involved in buying an older home. They are easy to fall in love with, but just as easy to break your heart later on when the pipes are backing uup, there's no heat on a cold night, or when you hear the sounds of scurrying little feet in the attic at 3 am.
Contact me for all your Real Estate needs - old or new, buy or sell - just one call does it all.
Thanks so much for visiting my Web Site - Alice C Smith