No matter whether you are looking to purchase your dream home or your next big investment, one of the big decisions you need to make is whether to go new or go old. Needless to say, there are pros and cons associated with both options, and a lot that needs to be considered along the way. Read on to find out everything that you need to know.
Location, location, location
One of the main reasons why old properties are so appealing is because they give you the ability to benefit from some of the best locations. Older properties are often built closer to town centres, putting you in the perfect position for schools, local shops and other amenities. This is extremely convenient for any homeowner and it means much more money for anyone looking to rent out a property or sell it on at a bigger price. If you are interested in investment opportunities in prime locations such as London or Essex, click here.
On the other hand, one of the big problems with old properties is that there is a ton of maintenance that needs to be done in most cases, and you will have outdated building code compliance to deal with as well. Old homes have inefficient plumbing and dated heating systems, which need to be upgraded for safety reasons. You could have even bigger problems on your hands if your property was situated near to an old factory, as asbestos removal and soil remediation services may need to be called upon for (more information on asbestos click here). Going over everything with a fine tooth comb is essential when buying an old property, but there is no denying that it can be worth it.
A long-term investment
Stating the obvious; old houses are limited in terms of supply. As they are torn down or decay, they become even more limited. However, the demand will always remain, and so you could be looking at a really great investment on your hands in the long run. It is a good idea to talk to people with similar properties in the area to find out how much their homes have increased in value over the past decade or so.
Tree roots probably aren’t at the top of your list when checking out a new property, but they should be when it is an old building. Old houses means old trees, and this can mean huge root problems. Taller, older trees tend to have roots that are long and strong, and they may grow towards the plumbing systems and the foundations beneath the property. This could mean foundation work and pipe replacement, when can be expensive.
Last but not least, the one thing that makes old properties such a draw is that they are unique and they boast incredible character – the sort of character that you will simply never find in a new cookie-cutter model. From the classic fireplaces to the original stained-glass windows to the farmhouse sinks, the unusual features of an old property have their own story and this creates a home that is unlike any other on the market.