Purchasing Older Homes Considering the Benefits Against the Costs
By: John Bolton
It doesn't matter where you buy or what your budget, eventually all types of houses suffer with their own set of problems that can lead to large repair bills. The more contemporary style monolithic clad home could suffer from a recently discovered problem dubbed Leaky Building Syndrome . The problem has turned some people away from these types of homes, and the more traditional home, such as the classic villa or California style bungalow have again become popular, with the belief that these homes are less troublesome, or so it is popularly believed.
While it is true that older houses are generally cheaper and easier to repair should repairs be required (just like older cars really), the special TLC they do require ought not be taken lightly. Older properties may have the advantage of being built with hardy timbers like Rimu and Kauri, but it s still necessary for home owners to remember, that these types of timbers call for ongoing protection against wear and tear and the weather as part of ordinary home maintenance. And if they haven't been cared for over time then the task just gets more complicated and necessary!
One of the more common problems with more traditionally built homes is decayed timber piles that have caused the house to sink in places and give the floor the appearance of an ocean wave. It is normally very easy to notice this and re blocking is usually the one real solution to this issue. It will cost you around $10,000 to $15,000 depending on the scope of the job, and lay of the land on the section to re blocked. If you are looking at an older home to buy, one of the things I suggest is to take a marble and put it on the floor to see if (and how far) it rolls. If the marble rolls around the floor without any pushing from you it shows that the floor isn't 100 % flat.
While the bottom of the house may need some tender loving care, the roof is also an area commonly requiring maintenance or repair. Older style homes will probably have steel roof cladding (usually corrugated iron), and without the right safeguarding a number of problems can arise. From corrosion to the roof material and flashing's to loose and missing nails and fading surface coatings. Repairs on an older roof can end up costing property owners as much as a foundation repair! Again, when inspecting a home for purchase there is no reason not to get up on the roof and have a jolly good look around at the condition of it.
Weatherboards, window frames and fascias are also exposed to the weather and can rot if not maintained. Normally this is easily identified and relatively simple to repair, however there will be a cost. There will always be the other minor items to watch for such as broken sash cords, poorly fitting doors, lack of insulation, older wiring and electrical fittings, borer, older pluming systems and fittings, worn window and door catches, binding doors and windows, only to mention a few obvious issues, and last but not least, a few drafts.
Many things these days are not straight forward, and good older homes are getting harder to find. The advantage of the older home is that remedial work and maintenance can be a cheaper option than having to reclad a leaking newer home.
Lastly, if you are looking at buying any home (especially an older one) I strongly recommend getting a professional building inspection done. Unless you are a qualified builder yourself, there may be any number of things that are easily over looked, and a professional inspection will give you some peace of mind that you know everything there is to know, about the quality of a house, before you make what is probably the biggest investment of your life.
If you or a client would like to sell your Privately held real estate note, Structured settlement, or Annuity, or need Mortgage Financing for both high or low credit scores, call C.J.F. & Associates at 1-800-908-9312 or go to our website at http://www.cash4you123.com for more information.
Author Resource:-> John Bolton is one of New Zealand’s leading experts on property finance, particularly mortgages and interest rate risk management. His business, Squirrel Mortgages, helps New Zealanders buy over $10m of property every month. http://www.squirrel.co.nz/
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