Why Invest In An Old Home?
Why Invest In An Old Home?

Why Invest In An Old Home?

Are you planning to buy a house? But you don’t know which option to choose: new or old to renovate? To make your choice easier, here are some relevant reasons that will help you decide to buy an old house.

Affordable acquisition

Thanks to the amortization of furnished property, the duration of use, and certain changes applied, purchasing an old house is more profitable than purchasing a new house. Indeed, the renovation and the follow-up of the administrative steps do not need a big budget. Moreover, you only have to regularize the existing files and improve all the rooms’ shape and appearance according to your wishes.

So, the option for an old house does not present many difficulties.

Easy to follow procedures

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The purchase of a house is a very important project that requires a lot of attention with respect to important steps such as:

    • The establishment of a compromise of purchase and sale
    • The request for authorization
    • The adoption of urbanism rules

The works in the co-ownership (if there are any in the minutes of the general assembly)

In addition, medical examinations are among the steps to guarantee loan insurance. But in the purchase of an old house, this option can be negated by the profitability of the price. Therefore, loan insurance will not be mandatory if you choose to buy an old house.

On the other hand, to avoid certain risks of conflict with the seller, it is necessary to proceed with a complete house visit. This is an unavoidable step to verify specific points before the final purchase.

Renovation at your choice and a lower cost

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money

The renovation of an old house is less expensive than that of a new home because it is only necessary to improve the condition of the existing parts. In addition, to achieve the desired substance and form, you can make some changes to the interior or exterior.

Here are some ideas for a low-cost internal renovation:

    • Interior shading: use acrylic paints to promote decoration
    • Internal insulation: apply polystyrene to keep the temperature inside
    • Lighting: opt for LED lamps that sufficient diffuse light in all the rooms as well as economic suspensions like the mini Glo-balls that represent an original decoration
    • Furniture: install wooden furniture and storage units that offer a durable and resistant aspect
    • Kitchen equipment: choose kitchen equipment suitable for all types of preparation
    • Heating: install an economical and ecological heating system such as a pellet or log stove or use a high performance wall-mounted reversible air conditioner instead;
    • Bathroom: adopt porcelain materials to ensure the interior design

Here are some ideas if you need external renovation:

  • Roofing: use baked brick tiles to clad the roof
  • Garden design: plant edible plants in your garden to enjoy their benefits and use flower storage to give a perfect look
  • Pool: install an above ground pool to save space
  • Gates and fences: The sliding gate and the automated gate are the most reliable and suitable for any old home among the different gates available. In addition, they guarantee protection against unwanted visitors.
  • Security system: installing an external control system is the safest way to protect your old home. This one exists in several devices such as the digicode, the biometric time clock, the biometric card reader, or the audio or video intercom.

Choose a budget and stick to it

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Always have a budget in mind when you go house hunting and never, and I repeat, never go over it, no matter how much you like the house. Real estate is your market, and you’ll always find a place that fits all your criteria. I guarantee you that a big house won’t matter in the long run as it will take more money to repair and maintain.

A more affordable and sizable house will do the job and will spare you from any future unnecessary spending in the long run. I guarantee you that this is coming from experience; there is nothing more grueling than owning a house you clearly can’t afford.

Having a budget keeps you grounded and avoids any spur-of-the-moment decision. If you are taking a loan to buy your new property, it’s even easier to stay within your budget. Always tell your realtor that your loan has been preapproved according to your budget. 

Let’s say your budget is $500 000; tell your realtor that price so they won’t show you any property beyond your price range. They might try to upsell you if they know you are still waiting for your bank to approve the loan, and this also offers you more leverage while negotiating.

Sound off in the comments section below and tell us what you want to read next and if you want to read more about buying an old home.

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