Is it time to stop renting and buy your own home? Is your current home too small and want to buy something bigger? Buying a home is the project of a lifetime that requires a lot of thought and the right questions to be asked. In this article, we’re going to help you ask the right questions about buying and renovating an old home instead of buying a brand new home.
What Are the Benefits of Buying an Old Home for Renovation?
# 1Old houses are often in good, attractive locations
One of the very first criteria for choosing your future home is location (proximity to work, family, main roads and public transport). Old houses in need of renovation often have the advantage of being well located and close to the desired infrastructure (schools, shops, public transport, etc.). There is also a larger supply of old houses than new ones. This makes it easier to find an old property in most areas.
Most of the time, old houses are already connected to the city networks: gas, electricity, sewage, telephone lines. This saves you a lot of bureaucracy and costs.
# 2 Combine the charm of the old with the new
Renovating an old house is an opportunity to combine the charm of the old with the comfort of the modern. To breathe new life into the house, you can renovate the exterior and take this opportunity to improve the insulation of the house, which will reduce electricity bills and increase comfort. In this way you increase the aesthetic value of your property, improve the energy efficiency of your house, but also make it more environmentally friendly.
# 3 Attractive prices
In many cases, buying and renovating an old home is far cheaper than buying a brand new home. This means either reducing your home budget or buying homes in more attractive locations, buying larger homes, and so on. Depending on what you choose, you have more options in how you want to spend your money.
Of course, this is not always the case. There are some cases when the foundations of the house are badly damaged. In these cases, you will have to replace or heavily repair large parts of the foundation, which would be extremely expensive. So you need to be careful and always check the integrity and quality of the old house before making the final decision.
# 4 The time it takes to renovate versus the time it takes to build a new home
Renovating a home can take up to six months while building from scratch takes around 12 months. Of course, your renovations will depend on the condition of the house, its finish, and the number of changes you want to make, but you will almost always spend more time building a new home than renovating it. This is especially true if you rent one of the Luxury home builder and renovation companies that take care of the renovation for you.