If you’re thinking of purchasing your next home, you’re probably wondering whether you should opt for an older property or a new build. A pivotal decision that will shape your future, it’s something that should be taken very seriously.
Although many homebuyers now choose a newer property due to the ease of it, there is so much potential that comes with older homes that shouldn’t be ignored. From the charming period features to the space that they often offer, it’s fair to argue that they are a good investment if you purchase the right one (and are motivated to carry out any essential repairs on it throughout the years).
If you’re swaying towards a period property, there are several things that you must consider, however. To send you on the right path, here are some top tips that you should keep in mind:
Work Out Your Budget Early
If you’re thinking of taking the leap and purchasing a period property, you need to ensure that you have the budget to do so first. Older houses come with considerable costs. Not only will you have to consider the initial deposit that you’ll require to secure the property, but how much it will cost in surveyor’s fees, house insurance, maintenance fees etc.
Get a Survey Done
Following on from the above, it’s essential that you have a full structural survey carried out if you’re purchasing a period property. You don’t want to find that the moment you move in there’s a hole in the roof or damp in the walls. You want to ensure that any issues are flagged before you put your final offer in. This way, any essential work can be done to the property and you can haggle on the price.
Create a Schedule
When dealing with a period property, it’s vital that you create a schedule and stick to it – especially when work needs to be done to it or you’re planning on renovating it in the future. As works can not only be expensive but timely, you’ll need to factor in how long this work will take – and if you’ll require temporary residence when it’s being done.
How Much Insulation Costs
Typically, period properties are quite energy-inefficient. This means that the moment the weather turns, you’ll face a freezing or boiling house. Therefore, you’ll want to consider the cost of insulation and investing in good-quality windows in your home.
Retain As Many Period Features As Possible
Much of the charm in period houses lies in the details. Whether it’s a beautiful fireplace, a staircase or high ceilings it’s these features that add the value and charm to the home. It’s essential that you try to keep and maintain these when you purchase an older house, as it’s these that will up the asking price when it comes time to resell.
You can cleverly do this either yourself or by opting for Historic Building Conservation. Bringing the beauty out of the home, you’ll have a much better interior and exterior.