It can be fun to drive past grand, historic homes and dream of what it would be like to actually live in one. Older homes are full of character and unique features that are sometimes lacking in newer homes. Despite the need for fresh paint and repairs, you can imagine the beauty that lies on the other side. But is renovating an older home worth the effort you’ll potentially put into it? Before you put pen to paper and ink that deal, consider the pros and cons to renovating an older home.
Pros
Older homes can often be a great investment. Typically purchased at a lower cost and with larger lot sizes, you’ll get more for your money. Pair that low price with doing the renovations yourself and you could see significant savings.
We mentioned it earlier, but if you aren’t interested in a cookie cutter home, older homes provide the unique character that you’re looking for. From intricate details to custom woodwork, older homes are like finding buried treasure. That is, if you don’t mind putting in a little elbow grease into polishing it up. Renovating an older home will give you the character you’re looking for while allowing you the option to add your own unique flair.
Older homes have a reputation for being built to last. Knowing that a home has good bones to build off of is a great relief. You may still have to update some key areas like electrical or plumbing, but having a solid base is reassuring.
Renovations add value to your home. From small updates to complete overhauls, the resale value of your home will increase with your improvements. Plus, an older home with upgrades offers a perfect match of history and modern convenience.
Cons
Renovations can be pricey. While some of the renovations can be relatively inexpensive, such as refinishing floors or painting walls, other areas are more costly. When you begin considering repairs or even replacing an HVAC system, roofing, plumbing or electrical, you could be looking at a hefty price tag. Make sure you know what you’re getting yourself into, and have a thorough home inspection.
Time isn’t necessarily on your side. Renovations to older homes typically come with unexpected issues and surprises, such as the discovery of toxins like lead or asbestos. This can lead to delays as issues arise and need to be handled. This can significantly add to your final price tag, not only in the cost of labor, but materials to fix it, as well as alternative housing if you aren’t living in the home as it’s being remodeled.
After you’ve weighed the pros and cons, are you considering renovating an older home? You need the right financing to get the job done! Let HFS Financial connect you with the financing option that’s best for your project. We offer financing options for almost any home improvement project. Apply here or contact us today at 1-800-254-9560 for more information. “You Dream It, We Finance It.”