How to Spot an Old House which is a Good Investment?
There are many things to consider before buying a period property, especially if you are planning to renovate it. Make sure you are up to the task ahead and do your research before taking the plunge.
There is no doubt about it: an old house can be seductive. What’s often forgotten, however, is that the love story doesn’t always go to plan. Renovating an old house can be expensive and time consuming – a real labor of love.
When you see the estate agent’s details, or first step through the door, there are certain questions that must be asked:
- Does the house suit your way of life?
- Are you prepared for draughts and damp spots?
- Can you cope with low doors and beams, uneven plasterwork and sloping floors?
- Do you have the time and money for any necessary renovation works?
- If the answer to these questions is ‘no’, you may be wiser to walk away.
Why Buy and Old House?
An old house has many qualities that make it special. Even the humblest two-up, two-down property will have little touches of craftsmanship that give it individuality.
Walk down any street of traditional houses and you’ll see a plethora of what might seem like almost unnecessary detail. It may be moulded brickwork, carved stonework, or a simple flourish on a window frame. Coupled with the attractive patina of age, it’s this texture and thoughtfulness of detail that gives old properties character and makes them worth cherishing.
Another reason to like period buildings is because of their idiosyncrasies and the qualities of the materials used to construct them. Many reflect the geology and landscape in which they stand because they’re constructed using local materials and techniques. Most have solid, ‘breathable’ walls and are built with lime mortars, renders and plasters.
Once you find a good property with bargain price, if you renovate it good enough, there’s a good chance there will be a considerable amount of revenue.