Thinking about Buying an Older Home? Budget for These Items

  • Posted on: 5/5/2022
Thinking about Buying an Older Home? Budget for These Items

Older homes have a beautiful story to tell – there’s so much love and history within their walls. They just come with unique charm and character that you don’t find in modern homes.

There are so many benefits that come with older homes, but with their age, expect additional expenses. Here are 5 items you should budget for if you plan to purchase an older home:

  1. Maintenance

Older homes require more maintenance due to aging construction. This is why a home inspection is important during the homebuying process – it can help you uncover all of the issues that need to be fixed sooner rather than later. You’ll want to budget between 1 percent and 4 percent of the home’s value each year for maintenance.

  1. Repairs

In addition to maintenance, older homes will need repairs. You may need to replace systems in the home, update the electrical, repair the foundation, fix the roof, or eliminate unwanted pests. Plan to have an emergency fund to take care of unexpected costs that may arise over time. Completing small repairs here and there can make a significant impact down the road.

  1. Utility costs

Utility bills are often higher with older homes. This is because they don’t always come with energy-efficient appliances and low-flow faucets and toilets.

  1. Upgrades

You may consider upgrading appliances in the home or adding new appliances, like a dishwasher or garbage disposal. Make a list so that you put your money towards what you need and can use the most.

  1. Renovations

It can be tempting to renovate older parts of the home, but remember, you’re part of its story. Really think about how changing the space can affect its feeling. Renovate where necessary while keeping the old home charm that’s been preserved for so many years. You can have a good balance of old and new!

With Great Risk Comes Great Rewards

Although older homes may require a little more work, with great risk comes great rewards. Embrace the imperfections, make memories to last a lifetime, and become a part of its incredible story!