So you’ve decided to purchase an older property! First of all, congratulations. Buying any property is an achievement, but buying an older, more characterful house is wonderful. So many people opt for new builds and there are so many beautiful older houses out there that are becoming neglected as no one wants to take on the challenge.
However, that very challenge that comes with buying it is perhaps one of its biggest downsides. That’s not to say that there aren’t plenty of benefits associated with buying an older house – but the work that it requires tends to overshadow them.
When purchasing an older house, there are several things that you should keep in mind throughout the process:
When you’re buying any type of house your budget should be at the forefront of your mind throughout the entire process. But this is particularly prevalent when you’re buying an older property. Typically, you’ll need to budget incredibly effectively when taking on a historic building.
Not only will you need to save enough for the initial deposit, but any other costs along the way – whether that be modernising certain parts of the house, attempting to protect elements through Historic Building Conservation or essential alterations such as a new roof.
Of course, you should get a surveyor to come and check the property before you finalise the process, but it’s important to realise that they won’t pick up on every issue.
Your House Insurance
When purchasing an older property, it’s essential that you get house insurance that’s designed specifically for a property of that calibre. However, this type of insurance comes with a price.
As it’s created for period properties, it will be more expensive than traditional home insurance. Therefore, you’ll have to forecast how much this will cost you each month before taking the leap.
Another key thing to keep in mind is what the state of the electrical system is. In older properties, they were not designed to cater for modern usage. Therefore, they might not be able to handle multiple devices and appliances at one time.
If you use several types of electronics, you’ll want to ensure that the home you’re buying is fully equipped and that the electrical system has been updated. Of course, if you know how to fix it yourself, this might not be a worry. But going in blindly to an older property with no experience and no idea about how to tackle the electrics isn’t a good idea.
What Renovations/Alterations You Can Make
Following on from the first point, it’s important that you enquire about what renovations or alterations you can make to the property beforehand. Many period properties will have limitations placed on them, preventing you from carrying out any extensive work.
Check with the local council what the restrictions are and keep them in mind when making your final decision. You could find that the limitations are too much and that you won’t be able to create your dream home after all.