Buying a home can be overwhelming. Not only is it one of the biggest purchases you will ever make but there are so many things to consider. Is a big yard something that is important to you? Near great schools? The options can seem endless, but one decision you will ultimately have to make is whether you want to buy an older or newer home.
Old and new homes each have their pros and cons. A new home has got clean carpet, fresh paint, its move-in ready and has that new house smell. One big negative of a new home is that the price is often quite high.
Fixer-uppers on the other hand, are older homes. The home has probably gone though many owners, and has been used for many years. These kind of homes typically have some character, but the new homeowner usually has a long list of repairs or renovations to do.
From shag carpet to outdated kitchen cabinets, these homes might seem like a mess. The positive way to look at it is that you have the chance to add your own personal touch to the home. A fixer-upper home is usually less costly, and the square footage is typically more than what a newer home has to offer. Keep in mind that these homes will require you to put in significant labor - don't underestimate what it will take to complete.
If you are looking at buying a fixer-upper, consider the following steps:
Do your research to determine the difference between an easy and difficult fix. Things like painting and installing new carpet won't take long, and are relatively inexpensive. However, when there are significant problems with the foundation or the plumbing in the home, it could me many thousands of dollars to complete.
The structure of the house should be sound in order to make it a worthwhile investment. If there is structural damage, antiquated wiring or plumbing, pests, or water damage, it's best to look at another home. These problems can cost you.
In order to figure out insurance costs and keep track of needed repairs, keep a note pad with you while you check out homes and write it all down. When you purchase a home, your lender will require you to buy homeowners insurance.
Typically, if you buy an older home, it could cost you more to insure. There are a few major parts of the home that insurers look at closely, including the electrical and plumbing, air conditioning and heating systems, and the age of the roof. This is why:
An older roof is more prone to leaks and structural weakness. Leaks are also more likely to happen with older plumbing, which can result in further water damage to your home. Older electrical systems that use ungrounded power outlets and fuse boxes especially carry a significant fire hazard.
If the home you are thinking about purchasing has some of these problematic issues, talk to your home insurance provider so you can estimate what it will cost to insure. Insurance premiums and the cost of the renovations need to be factored into your overall budget, so consider this carefully. After renovation, the replacement value of your home will go up as the risks associated with the older home go down, so keep that in mind. Don't forget to talk to your insurance agent about the renovations you're planning in order to maintain the level of insurance that you require.
Do not make an offer on a home before you have had a home inspection, even if the home appears to be everything you've always wanted. You won't be able to see all of the problems that a home inspector might see, and you definitely don't want to buy a house and then later find out termites have caused extensive structural damage.
Old and new homes each have their pros and cons. A new home has got clean carpet, fresh paint, its move-in ready and has that new house smell. One big negative of a new home is that the price is often quite high.
Fixer-uppers on the other hand, are older homes. The home has probably gone though many owners, and has been used for many years. These kind of homes typically have some character, but the new homeowner usually has a long list of repairs or renovations to do.
From shag carpet to outdated kitchen cabinets, these homes might seem like a mess. The positive way to look at it is that you have the chance to add your own personal touch to the home. A fixer-upper home is usually less costly, and the square footage is typically more than what a newer home has to offer. Keep in mind that these homes will require you to put in significant labor - don't underestimate what it will take to complete.
If you are looking at buying a fixer-upper, consider the following steps:
Do your research to determine the difference between an easy and difficult fix. Things like painting and installing new carpet won't take long, and are relatively inexpensive. However, when there are significant problems with the foundation or the plumbing in the home, it could me many thousands of dollars to complete.
The structure of the house should be sound in order to make it a worthwhile investment. If there is structural damage, antiquated wiring or plumbing, pests, or water damage, it's best to look at another home. These problems can cost you.
In order to figure out insurance costs and keep track of needed repairs, keep a note pad with you while you check out homes and write it all down. When you purchase a home, your lender will require you to buy homeowners insurance.
Typically, if you buy an older home, it could cost you more to insure. There are a few major parts of the home that insurers look at closely, including the electrical and plumbing, air conditioning and heating systems, and the age of the roof. This is why:
An older roof is more prone to leaks and structural weakness. Leaks are also more likely to happen with older plumbing, which can result in further water damage to your home. Older electrical systems that use ungrounded power outlets and fuse boxes especially carry a significant fire hazard.
If the home you are thinking about purchasing has some of these problematic issues, talk to your home insurance provider so you can estimate what it will cost to insure. Insurance premiums and the cost of the renovations need to be factored into your overall budget, so consider this carefully. After renovation, the replacement value of your home will go up as the risks associated with the older home go down, so keep that in mind. Don't forget to talk to your insurance agent about the renovations you're planning in order to maintain the level of insurance that you require.
Do not make an offer on a home before you have had a home inspection, even if the home appears to be everything you've always wanted. You won't be able to see all of the problems that a home inspector might see, and you definitely don't want to buy a house and then later find out termites have caused extensive structural damage.
About the Author:
For more home insurance related information, check out homeinsurancenews.ca . Or watch this Home Insurance video.
Buying a home can be overwhelming. Not only is it one of the biggest purchases you will ever make but there are so many things to consider. Is a big yard something that is important to you? Near great schools? The options can seem endless, but one decision you will ultimately have to make is whether you want to buy an older or newer home.
Old and new homes each have their pros and cons. A new home has got clean carpet, fresh paint, its move-in ready and has that new house smell. One big negative of a new home is that the price is often quite high.
Fixer-uppers on the other hand, are older homes. The home has probably gone though many owners, and has been used for many years. These kind of homes typically have some character, but the new homeowner usually has a long list of repairs or renovations to do.
From shag carpet to outdated kitchen cabinets, these homes might seem like a mess. The positive way to look at it is that you have the chance to add your own personal touch to the home. A fixer-upper home is usually less costly, and the square footage is typically more than what a newer home has to offer. Keep in mind that these homes will require you to put in significant labor - don't underestimate what it will take to complete.
If you are looking at buying a fixer-upper, consider the following steps:
Do your research to determine the difference between an easy and difficult fix. Things like painting and installing new carpet won't take long, and are relatively inexpensive. However, when there are significant problems with the foundation or the plumbing in the home, it could me many thousands of dollars to complete.
The structure of the house should be sound in order to make it a worthwhile investment. If there is structural damage, antiquated wiring or plumbing, pests, or water damage, it's best to look at another home. These problems can cost you.
In order to figure out insurance costs and keep track of needed repairs, keep a note pad with you while you check out homes and write it all down. When you purchase a home, your lender will require you to buy homeowners insurance.
Typically, if you buy an older home, it could cost you more to insure. There are a few major parts of the home that insurers look at closely, including the electrical and plumbing, air conditioning and heating systems, and the age of the roof. This is why:
An older roof is more prone to leaks and structural weakness. Leaks are also more likely to happen with older plumbing, which can result in further water damage to your home. Older electrical systems that use ungrounded power outlets and fuse boxes especially carry a significant fire hazard.
If the home you are thinking about purchasing has some of these problematic issues, talk to your home insurance provider so you can estimate what it will cost to insure. Insurance premiums and the cost of the renovations need to be factored into your overall budget, so consider this carefully. After renovation, the replacement value of your home will go up as the risks associated with the older home go down, so keep that in mind. Don't forget to talk to your insurance agent about the renovations you're planning in order to maintain the level of insurance that you require.
Do not make an offer on a home before you have had a home inspection, even if the home appears to be everything you've always wanted. You won't be able to see all of the problems that a home inspector might see, and you definitely don't want to buy a house and then later find out termites have caused extensive structural damage.
Old and new homes each have their pros and cons. A new home has got clean carpet, fresh paint, its move-in ready and has that new house smell. One big negative of a new home is that the price is often quite high.
Fixer-uppers on the other hand, are older homes. The home has probably gone though many owners, and has been used for many years. These kind of homes typically have some character, but the new homeowner usually has a long list of repairs or renovations to do.
From shag carpet to outdated kitchen cabinets, these homes might seem like a mess. The positive way to look at it is that you have the chance to add your own personal touch to the home. A fixer-upper home is usually less costly, and the square footage is typically more than what a newer home has to offer. Keep in mind that these homes will require you to put in significant labor - don't underestimate what it will take to complete.
If you are looking at buying a fixer-upper, consider the following steps:
Do your research to determine the difference between an easy and difficult fix. Things like painting and installing new carpet won't take long, and are relatively inexpensive. However, when there are significant problems with the foundation or the plumbing in the home, it could me many thousands of dollars to complete.
The structure of the house should be sound in order to make it a worthwhile investment. If there is structural damage, antiquated wiring or plumbing, pests, or water damage, it's best to look at another home. These problems can cost you.
In order to figure out insurance costs and keep track of needed repairs, keep a note pad with you while you check out homes and write it all down. When you purchase a home, your lender will require you to buy homeowners insurance.
Typically, if you buy an older home, it could cost you more to insure. There are a few major parts of the home that insurers look at closely, including the electrical and plumbing, air conditioning and heating systems, and the age of the roof. This is why:
An older roof is more prone to leaks and structural weakness. Leaks are also more likely to happen with older plumbing, which can result in further water damage to your home. Older electrical systems that use ungrounded power outlets and fuse boxes especially carry a significant fire hazard.
If the home you are thinking about purchasing has some of these problematic issues, talk to your home insurance provider so you can estimate what it will cost to insure. Insurance premiums and the cost of the renovations need to be factored into your overall budget, so consider this carefully. After renovation, the replacement value of your home will go up as the risks associated with the older home go down, so keep that in mind. Don't forget to talk to your insurance agent about the renovations you're planning in order to maintain the level of insurance that you require.
Do not make an offer on a home before you have had a home inspection, even if the home appears to be everything you've always wanted. You won't be able to see all of the problems that a home inspector might see, and you definitely don't want to buy a house and then later find out termites have caused extensive structural damage.
About the Author:
For more home insurance related information, check out homeinsurancenews.ca . Or watch this Home Insurance video.
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