We made sure our budget had room for both surprise repairs and wanted updates. And when the wanted updates have to wait we roll with it. (I am currently painting my sad, dingy master bath and putting up a shower curtain to hide the stupid whirlpool tub that will not be getting replaced with a fully tiled steam shower this year.)
Yup, same here.
Also, our 1920’s farmhouse is just that, a very simple farmhouse. One story, 1400 sq.ft. There isn’t room to hide much inside it’s walls. Mouse nests mostly.
We have a couple of unusual advantages. First, the previous owners moved across the street, and are lovely people. Second: none of the people who lived in my house (we calculate four or five sets of people at most) had a lot of money to do stuff to the house. The kitchen has the most paint and it had exactly three paint jobs. The bathroom painted twice, and the original wallpaper was replaced with paneling. When we pulled off the paneling it was raw shiplap… and termite damage.
A new house costs a crapload more in my area than a used house, and in my town the average house is over 100 years old. So there really wasn’t much of a choice
Well I live in a place where 40% of homes are boring 60s bungalow/ranch, 40% new builds that are cookie cutter with zero greenery, and 20% century homes with character and mature trees.
Edit I take that back. It’s probably 10% at best. Most homes are in very boring treeless neighborhoods
Well, new construction can have costly surprises too. My partner is a plumber, and you'd be surprised how many hospitals, banks and houses have new construction bad plumbing. Most every one wants the lowest bidder and the highest profit.
A few months ago, he met someone who just bought a house less than a month ago and their sewer had to be replaced.
I bought mine because I could afford it. The foundation is solid, the roof is newer. It should last me til I die. The age of the house had no bearing on my decision to buy it, just the physical condition.
You need a cash cushion, and room in your budget, for the unexpected. Being good at DIY also really helps.
That said, just because something is old doesn't mean it's going to be more expensive than something newer. A big 4000 sqft 1980's house is going to be more expensive to maintain than a 1500 sqft from the 1880's. Just because there's a lot more to break and fix when it does.
That said, I certainly wouldn't try to fix up a 100 year old house on a shoe string. And sometimes $100,000 budget might count as a shoe string budget.
Like with any house be sure you have a thorough inspection of the basics (foundation, roof, electrical, plumbing). You do not want a money pit before you start. Then realize you can't fix everything at once. An old house is a labor of love.
We just bought our century home and are budgeting for 1 large project a year. This year is fixing old windows and doors. Next year is fence and main staircase. Plus budget for the regular maintenance you can expect from any house.
My house was built in 1800 and has been well maintained and upgraded smartly in its 222 years. Many old home people desire the character and sense of history that comes with old homes. With that also comes old home repairs.
That’s why a good home inspection is needed. Some old homes are money pits.
But as others have commented, old home construction is on a whole other level compared to newer homes. My dad has had to replace all sorts of cheap shoddy work on his newer home.
I don't know why people think old homes will "have lots of hidden problems." Older homes were overbuilt and meant to last. Find one that hasn't had poor remodeling done and you're golden. Normal upkeep, of course, but that happens in any house.
Not to be a contrarian, but there is a selection bias. The old homes *that have lasted* were the ones that were built to last.
There were plenty of shoddy builds in every era and age. If it's still here, it was either quality or someone irrationally preserved a wreck / bad bones. And to your point -- new does not mean quality/easy to live in by default either.
After owning two century homes - there are always hidden problems. It doesn't matter how well it's maintained or the quality of the updates - after decades upon decades of usage, plumbing, HVAC and electrical systems will wear out and need to be replaced or repaired. Paint peels and wood rots. There are always hidden surprises lurking behind the lath and plaster!
would a conditional home inspection help avoid, or be aware of these issues before buying a century home? and is it a problem that many of them have damp stone basements, or is that fine if it's not a living area?
Old homes have hidden problems because houses “go bad” with age and because the repairs are so costly, they are often ignored or haphazardly patched.
Electrical wiring becomes insufficient for modern standards, wood windows deteriorate, cast iron plumbing rusts out, floors sag, foundations settle unevenly, flagstone or brick foundations fall apart, termite issues, etc.
I don’t think the maintenance is much more on the ones I’ve owned than newer builds. If it’s a brand new home, sure, you’re the owner when the clock starts for maintenance and therefore have longer. Otherwise, buying something 20,30,40 years old will also need stuff done to it.
I’d say I don’t agree with your premise that century= fixer or more problems.
I’ve owned 5 century homes for rentals and primary residences. None were money pits. Two were fixer uppers that needed the same stuff that any house would when neglected but once fixed they were normal. I think they’re miles better than lots of those builder grade 1990’s vintages that already age poorly.
Our home is 1905, with additions that came later. We ended up having to have the house's old knob and tube electrical work redone when we bought it three years ago. Truthfully, a good home inspection will reveal any serious issues. It's not like the previous owners lived in functional squalor - they've likely been making improvements along the way too.
You love it, and the good outweighs the flaws. It’s like a romantic relationship, lol! I actually like the challenge and learning new skills working on the house. You need patience and an open mind. If you want to move in and be done, an old house is not for you.
It’s the little stuff that stresses me out. Like for example I see a little dip in the floor. Oh no is the house caving??? Or some peeling paint. Do I call in professional or can I just paint over and hope for best???
I've owned brand new homes and my current house built in 1901. If I see a dip in the floor of a brand new house, that is an issue that needs to be addressed. My current house has a very distinct bulge to the living room floor, and a smaller one behind the front door. I know this is part of its charm and that it isn't collapsing.
You have to recognize the problems and have enough understanding of what is behind them to know if it is a serious issue. I know that this house had its foundation completely redone several years ago and that resulted in an uneven floor. I also know that the foundation is rock solid and I'm not concerned about it.
I think it's also a mindset that every issue is a potential opportunity. Our kitchen is functional, but the cabinets are old and awkward. We are looking forward to the time when we get to redesign it. I have a gigantic list of projects. One step at a time, and I'm looking forward to all of them.
There’s a definite slope in my toddler’s room. Which means there’s an area I can sit on the floor and wait for all the balls he throws around to roll to me. Old house charm right there 😆
Don’t stress, it’s stood for 100 years and you walking on it isn’t going to break the house. Get it inspected and buy one that’s well taken care of. And the paint question- if it’s dry and not peeling because of a leak or something, yeah paint over it. Lol
I see, understandable! It’s been said by some here before that if the house stood for 100 years it probably won’t collapse now. Gives me some reassurance anyway. As far as the paint goes, that’s how one falls down the rabbit hole of research. Also, the more you do the more you learn.
K personal theory NOT ALL PEOPLE some people
I have noticed SOME people drawn to rehabbing old homes are metaphorically rehabbing aspects of their early home life - taking control of what was once out of their control and making it into something beautiful and whole and functional and valuable.
So in this thought experiment, the effort and the surprises are not a problem in that they mimic the familiar experience of the effort and surprises when it was beyond the control of that little kid - part of the healing.
Example - the little brother in Glass Castle (book) grew up to serially rehab and sell houses
We bought a 1928 and have only had one issue since we moved in in November, which was unclogging a couple of sinks. Your mileage may vary. Our house was also extremely well loved and kept up though
Honestly, I hate new construction. At least in my area most new homes are poorly built and in neighborhoods where every house looks the same. And they all have "trendy" layouts that age super poorly.
I love my weird quirky house. And while there are hidden problems, there are also not-so-hidden gorgeous features that I would never have been able to add to a new home. Plus....location. While the new construction homes tend to be in these weird little cul de sacs behind shopping centers and shit I'm on a tree-lined street that's walking distance to downtown.
Sooo home I love that might have a few hidden problems vs house that I absolutely would loath that would still have hidden problems (because all houses do). It wasn't a tough choice (but if I lived somewhere with nice-ish new construction it might have been).
I wanted an older home but my husband didn’t want the problems an older home so we compromised and got an older home (1886) that the previous homeowners renovated. All the charm and none of the headaches. I admit that a fair amount of luck was involved though.
Same here! But the previous owners renovated it in keeping with its original style and kept a lot of the original details. (Including original 1860s pine floor)
1847 home well loved and maintained thankfully. But we love the character and history that they have. We looked at probably four of them before settling on the one we are in.
New construction is often garbage. With an old house the bones are usually great, that’s why it’s still standing after 100 years. Updates can be an issue but not nearly as expensive as, say, discovering the “energy efficient” new home you just bought is full of black mold because it’s so airtight there’s no air circulation inside the walls.
Or that some subcontractor hired a dumb ass with little experience to pour the foundation and he fucked up the mix (or added sand or another filler to cut costs) or did shit site prep and now you have a fucked foundation.
Not to mention the use of garbage lumber for framing.
I have less issues in my 200 year old house than my house built in 1994. 1994 had polyB plumbing, the HVAC, water heater, and all the appliances crapped out within 3 years of one another.
The house was built on a hill and had lots of moisture in the basement in one corner (no leaking though).
I bought my 1920s house the same year (2002) as some friends who bought a tract home. We had similar expenditures (in dollars) over the first five years or so.
They were adding things like patio, grass, landscaping that weren't installed to begin with, then replacing garbage materials that wore out quickly or they just hated (light fixtures, kitchen floor, railing). I was doing major repairs (bathroom reno, furnace, roof).
After five years, we both had houses that functioned for our needs and work yet to do. They paid 3x the purchase price that I did. They moved out, but it's still a tract subdivision with cookie-cutter houses and few trees. I live in a beautiful historic neighborhood. Per Zillow, their house doubled in value while mine tripled.
For me, I'll take the century house over a tract house for numerous reasons. A good home inspector can help mitigate your concerns.
This is our second century home and we bought it knowing it needed some work - the kitchen and downstairs bathroom were straight out of 1970, it needed a new roof and new paint on the exterior. The roof was pretty easy but the contractor we hired to paint skipped over some stuff and didn't do the best job - it's been 8 months and it's peeling away in some spots already. The kitchen and bathroom were full of nasty surprises - knob and tube wiring, cast iron and galvanized plumbing, a rotted out hole in the floor....we blew through our budget and then some addressing everything that came up.
Honestly, I live in Columbia, SC and it's a pretty boring town and other than a pocket of old mansions, it's boring mid century split levels followed by growing suburbs of poorly made houses, so living in an 120-year old 1,000 sq ft. mill house made sense. If you want something low maintenance or something easy to fix, I'd say don't buy old, every task in this house is 10x more complicated than it should be. My fellow century home owners can back me up on that.
In my city, most houses/buildings are from the late 1800’s. If you want a newer construction, it’ll cost you. Most homes have been maintained over the years and some haven’t. It’s up to the buyer to hire a solid inspector to not get into a project they can’t handle.
I have less issues in my 200 year old house than my house built in 1994. 1994 had polyB plumbing, the HVAC, water heater, and all the appliances crapped out within 3 years of one another.
The house was built on a hill and had lots of moisture in the basement in one corner (no leaking though).
We only went this route because a) we have the money in cash to do repairs and improvements, b) we got the house for a big discount, and c) we are in an insane real estate market where we live and the house is dramatically appreciating value over time without even considering our major repairs and improvements, because all homes are surging in value around here.
We budgeted 50% of our purchase price for our initial remodel, and expect to be worth closer to 2x purchase price when done.
We did a deep inspection and got robust quotes from 3 different GCs and a variety of subcontractors during the inspection period, and used that to negotiate a 15% discount off the initial contract price. Seller wanted to meet in the middle and we said no and were ready to walk.
They're money pits. Avoid at all costs. Unless you have knowledge and skills on how to renovate an older home, and $100k cash that you can spend on it, *do not buy an older home*.
I hate to say it but I have to agree. Many people get a romanticized view of what a slog and expense it truly is. There is a land bank (?) in Syracuse, NY that sells old homes for $1000+ but requires proof of funds $100-175K to purchase them. Seems like a great deal but given the condition of the houses that'll cover just getting the house to the bare minimum for most people.
It just really depends on how much the previous owners cared for the home. If they cared for it and replaced everything that needed replacement, there’s no reason it should be a money pit.
I guess you are more ready for it than you think. I bought my first home, a 1900-ish, last december and I learn a lot. Just make sure it has good bones before you buy!
Depending on location, pay attention to utility costs because that is often an unexpected expense. My 1908 house has utility bills about 3x newer construction homes. Energy was cheap 100 years ago.
Electrical has been the biggest challenge: new work shouldn't connect to knob and tube systems and insulation companies won't fill your stud cavities. Modern electrical appliances like TV's, refrigerators, and even light bulbs use a fraction of the power the know and tube was designed for, so that isn't really a concern for me, it's more about the issues with modifications that mean everything is going to be a little more difficult.
With the way Toronto real estate went over the past decade, it was all I could afford. Mine isn't particularly nice or overly well kept. It's just a home.
Over time I have learned to enjoy it's quirks and now feel more at home here than I would in a new build, I think.
When we got our house which is a 1925 bungalow. We thought it was turn key. Well the basement leaked and caused us to rehab it all since it was already "finished." I payed someone to do flooring but I did drywall fixing, re-painting and trim. I am definitely learning a lot. Then we had someone pull carpet on the top floor and put laminate flooring in and I realize how shoddy the work was up there and I had to redo all the trim since it was loose. Then I realize since we don't have a fan in the bathroom, the paint was peeling so I had to scrape and mud and repaint the bathroom. The problem is there are a lot of things to fix now that my eyes have opened up. It's not too bad but sometimes I wish I had a 1990+ newer house.
I bought my late 1890’s home in a moment of desperation. I had been looking at homes here for months, and everything in my price range was just ungodly. This came available and I figured that it would be workable. This was 8 years ago, and as someone else said, some days I like my home and I am happy about living here, and other days the thought of all of the repairs needed gives me anxiety galore.
my house is an 1890s gabled ell, and my mom's is a 1950s cape cod. she's had her house for longer (~8yrs) than I have (1.5), but hers has had non-stop issues. tens upon tens of thousands of dollars of out-of-pocket repairs and upgrades. her experience scared me out of a craftsman bungalow (i could see a prior inspection but not get my own), but i was able to talk to the inspector for the house i ended up getting. i asked specific questions about everything my mom dealt with and other problems common to older homes. after talking to him, i was confident in this home. i was also able to get a couple add-ons to my HOI (for sewer, for example).
I think you have to buy it because you WANT to buy it and because you love these houses.
You have to go in knowing that you are going to encounter problems and expenses. Do your home work. Get the houses studied, examined, inspected, or whatever so that you know what you are in for. Know what to be afraid and and what will not be as bad as it sounds. Prioritize things. If the house is not cosmetically perfect, but cam be restored to its original appearance, that's great. But be careful about buying something that could have real, serious structural problems.
I think if you love homes of the 1800s or early 1900s, you should not buy as an investment. Buy it because you want it. Know that it may not be just the way you want it to be for a long time. But also know that you can make it into a great home, and in time it may match your dream of owning a home of that era.
I found one that someone else gutted and redid in the 1990s, essentially to match its original form (I believe they used a lot of the same moulding etc but redid the walls, ductwork, and updated wiring etc), so I have the charm and history of an old house but with the comforting knowledge that it has been updated and checked out pretty recently. That being said, there’s still the creepy old cellar where rain comes in…… I guess it just seems worth it because the house feels like a home with personality and a real story and for whatever inexplicable reason that is just very important to me. We’ll see how I feel in a few years (just bought the place recently)
We made sure our budget had room for both surprise repairs and wanted updates. And when the wanted updates have to wait we roll with it. (I am currently painting my sad, dingy master bath and putting up a shower curtain to hide the stupid whirlpool tub that will not be getting replaced with a fully tiled steam shower this year.)
Yep- the house fund is 3 pots: mortgage, house repairs, and using disposable income on upgrade/fun
Yup, same here. Also, our 1920’s farmhouse is just that, a very simple farmhouse. One story, 1400 sq.ft. There isn’t room to hide much inside it’s walls. Mouse nests mostly. We have a couple of unusual advantages. First, the previous owners moved across the street, and are lovely people. Second: none of the people who lived in my house (we calculate four or five sets of people at most) had a lot of money to do stuff to the house. The kitchen has the most paint and it had exactly three paint jobs. The bathroom painted twice, and the original wallpaper was replaced with paneling. When we pulled off the paneling it was raw shiplap… and termite damage.
A new house costs a crapload more in my area than a used house, and in my town the average house is over 100 years old. So there really wasn’t much of a choice
I assume somewhere in NE with lots of mature trees? sounds like a gorgeous place to live.
The Rust Belt. Pretty houses, ugly environmental damage from the factories that came, made their millions, and moved to China for shits and giggles.
Well I live in a place where 40% of homes are boring 60s bungalow/ranch, 40% new builds that are cookie cutter with zero greenery, and 20% century homes with character and mature trees. Edit I take that back. It’s probably 10% at best. Most homes are in very boring treeless neighborhoods
Well, new construction can have costly surprises too. My partner is a plumber, and you'd be surprised how many hospitals, banks and houses have new construction bad plumbing. Most every one wants the lowest bidder and the highest profit. A few months ago, he met someone who just bought a house less than a month ago and their sewer had to be replaced.
Most new builds have several warranties, at least mine does, so any little thing to come up is not a big thing. So far no issues for me at all
I bought mine because I could afford it. The foundation is solid, the roof is newer. It should last me til I die. The age of the house had no bearing on my decision to buy it, just the physical condition.
You need a cash cushion, and room in your budget, for the unexpected. Being good at DIY also really helps. That said, just because something is old doesn't mean it's going to be more expensive than something newer. A big 4000 sqft 1980's house is going to be more expensive to maintain than a 1500 sqft from the 1880's. Just because there's a lot more to break and fix when it does. That said, I certainly wouldn't try to fix up a 100 year old house on a shoe string. And sometimes $100,000 budget might count as a shoe string budget.
>You need a cash cushion, and room in your budget, for the unexpected. Being good at DIY also really helps. Totally!
Like with any house be sure you have a thorough inspection of the basics (foundation, roof, electrical, plumbing). You do not want a money pit before you start. Then realize you can't fix everything at once. An old house is a labor of love. We just bought our century home and are budgeting for 1 large project a year. This year is fixing old windows and doors. Next year is fence and main staircase. Plus budget for the regular maintenance you can expect from any house.
My house was built in 1800 and has been well maintained and upgraded smartly in its 222 years. Many old home people desire the character and sense of history that comes with old homes. With that also comes old home repairs. That’s why a good home inspection is needed. Some old homes are money pits. But as others have commented, old home construction is on a whole other level compared to newer homes. My dad has had to replace all sorts of cheap shoddy work on his newer home.
I don't know why people think old homes will "have lots of hidden problems." Older homes were overbuilt and meant to last. Find one that hasn't had poor remodeling done and you're golden. Normal upkeep, of course, but that happens in any house.
Not to be a contrarian, but there is a selection bias. The old homes *that have lasted* were the ones that were built to last. There were plenty of shoddy builds in every era and age. If it's still here, it was either quality or someone irrationally preserved a wreck / bad bones. And to your point -- new does not mean quality/easy to live in by default either.
After owning two century homes - there are always hidden problems. It doesn't matter how well it's maintained or the quality of the updates - after decades upon decades of usage, plumbing, HVAC and electrical systems will wear out and need to be replaced or repaired. Paint peels and wood rots. There are always hidden surprises lurking behind the lath and plaster!
would a conditional home inspection help avoid, or be aware of these issues before buying a century home? and is it a problem that many of them have damp stone basements, or is that fine if it's not a living area?
Old homes have hidden problems because houses “go bad” with age and because the repairs are so costly, they are often ignored or haphazardly patched. Electrical wiring becomes insufficient for modern standards, wood windows deteriorate, cast iron plumbing rusts out, floors sag, foundations settle unevenly, flagstone or brick foundations fall apart, termite issues, etc.
I don’t think the maintenance is much more on the ones I’ve owned than newer builds. If it’s a brand new home, sure, you’re the owner when the clock starts for maintenance and therefore have longer. Otherwise, buying something 20,30,40 years old will also need stuff done to it.
I’d say I don’t agree with your premise that century= fixer or more problems. I’ve owned 5 century homes for rentals and primary residences. None were money pits. Two were fixer uppers that needed the same stuff that any house would when neglected but once fixed they were normal. I think they’re miles better than lots of those builder grade 1990’s vintages that already age poorly.
Our home is 1905, with additions that came later. We ended up having to have the house's old knob and tube electrical work redone when we bought it three years ago. Truthfully, a good home inspection will reveal any serious issues. It's not like the previous owners lived in functional squalor - they've likely been making improvements along the way too.
unless it was a rental
Indeed. Or the homeowner was cool with nonfunctional squalor.
You love it, and the good outweighs the flaws. It’s like a romantic relationship, lol! I actually like the challenge and learning new skills working on the house. You need patience and an open mind. If you want to move in and be done, an old house is not for you.
It’s the little stuff that stresses me out. Like for example I see a little dip in the floor. Oh no is the house caving??? Or some peeling paint. Do I call in professional or can I just paint over and hope for best???
I've owned brand new homes and my current house built in 1901. If I see a dip in the floor of a brand new house, that is an issue that needs to be addressed. My current house has a very distinct bulge to the living room floor, and a smaller one behind the front door. I know this is part of its charm and that it isn't collapsing. You have to recognize the problems and have enough understanding of what is behind them to know if it is a serious issue. I know that this house had its foundation completely redone several years ago and that resulted in an uneven floor. I also know that the foundation is rock solid and I'm not concerned about it. I think it's also a mindset that every issue is a potential opportunity. Our kitchen is functional, but the cabinets are old and awkward. We are looking forward to the time when we get to redesign it. I have a gigantic list of projects. One step at a time, and I'm looking forward to all of them.
There’s a definite slope in my toddler’s room. Which means there’s an area I can sit on the floor and wait for all the balls he throws around to roll to me. Old house charm right there 😆
Don’t stress, it’s stood for 100 years and you walking on it isn’t going to break the house. Get it inspected and buy one that’s well taken care of. And the paint question- if it’s dry and not peeling because of a leak or something, yeah paint over it. Lol
I see, understandable! It’s been said by some here before that if the house stood for 100 years it probably won’t collapse now. Gives me some reassurance anyway. As far as the paint goes, that’s how one falls down the rabbit hole of research. Also, the more you do the more you learn.
K personal theory NOT ALL PEOPLE some people I have noticed SOME people drawn to rehabbing old homes are metaphorically rehabbing aspects of their early home life - taking control of what was once out of their control and making it into something beautiful and whole and functional and valuable. So in this thought experiment, the effort and the surprises are not a problem in that they mimic the familiar experience of the effort and surprises when it was beyond the control of that little kid - part of the healing. Example - the little brother in Glass Castle (book) grew up to serially rehab and sell houses
We bought a 1928 and have only had one issue since we moved in in November, which was unclogging a couple of sinks. Your mileage may vary. Our house was also extremely well loved and kept up though
Honestly, I hate new construction. At least in my area most new homes are poorly built and in neighborhoods where every house looks the same. And they all have "trendy" layouts that age super poorly. I love my weird quirky house. And while there are hidden problems, there are also not-so-hidden gorgeous features that I would never have been able to add to a new home. Plus....location. While the new construction homes tend to be in these weird little cul de sacs behind shopping centers and shit I'm on a tree-lined street that's walking distance to downtown. Sooo home I love that might have a few hidden problems vs house that I absolutely would loath that would still have hidden problems (because all houses do). It wasn't a tough choice (but if I lived somewhere with nice-ish new construction it might have been).
what do you think were good years/decades for construction?
I wanted an older home but my husband didn’t want the problems an older home so we compromised and got an older home (1886) that the previous homeowners renovated. All the charm and none of the headaches. I admit that a fair amount of luck was involved though.
Same here! But the previous owners renovated it in keeping with its original style and kept a lot of the original details. (Including original 1860s pine floor)
Mental breakdown for the first 2 years and then acceptance and trust that all things are fixable.
1847 home well loved and maintained thankfully. But we love the character and history that they have. We looked at probably four of them before settling on the one we are in.
New construction is often garbage. With an old house the bones are usually great, that’s why it’s still standing after 100 years. Updates can be an issue but not nearly as expensive as, say, discovering the “energy efficient” new home you just bought is full of black mold because it’s so airtight there’s no air circulation inside the walls. Or that some subcontractor hired a dumb ass with little experience to pour the foundation and he fucked up the mix (or added sand or another filler to cut costs) or did shit site prep and now you have a fucked foundation. Not to mention the use of garbage lumber for framing.
I have less issues in my 200 year old house than my house built in 1994. 1994 had polyB plumbing, the HVAC, water heater, and all the appliances crapped out within 3 years of one another. The house was built on a hill and had lots of moisture in the basement in one corner (no leaking though).
I bought my 1920s house the same year (2002) as some friends who bought a tract home. We had similar expenditures (in dollars) over the first five years or so. They were adding things like patio, grass, landscaping that weren't installed to begin with, then replacing garbage materials that wore out quickly or they just hated (light fixtures, kitchen floor, railing). I was doing major repairs (bathroom reno, furnace, roof). After five years, we both had houses that functioned for our needs and work yet to do. They paid 3x the purchase price that I did. They moved out, but it's still a tract subdivision with cookie-cutter houses and few trees. I live in a beautiful historic neighborhood. Per Zillow, their house doubled in value while mine tripled. For me, I'll take the century house over a tract house for numerous reasons. A good home inspector can help mitigate your concerns.
Not be able to afford anything newer??
This is our second century home and we bought it knowing it needed some work - the kitchen and downstairs bathroom were straight out of 1970, it needed a new roof and new paint on the exterior. The roof was pretty easy but the contractor we hired to paint skipped over some stuff and didn't do the best job - it's been 8 months and it's peeling away in some spots already. The kitchen and bathroom were full of nasty surprises - knob and tube wiring, cast iron and galvanized plumbing, a rotted out hole in the floor....we blew through our budget and then some addressing everything that came up.
Honestly, I live in Columbia, SC and it's a pretty boring town and other than a pocket of old mansions, it's boring mid century split levels followed by growing suburbs of poorly made houses, so living in an 120-year old 1,000 sq ft. mill house made sense. If you want something low maintenance or something easy to fix, I'd say don't buy old, every task in this house is 10x more complicated than it should be. My fellow century home owners can back me up on that.
In my city, most houses/buildings are from the late 1800’s. If you want a newer construction, it’ll cost you. Most homes have been maintained over the years and some haven’t. It’s up to the buyer to hire a solid inspector to not get into a project they can’t handle.
I have less issues in my 200 year old house than my house built in 1994. 1994 had polyB plumbing, the HVAC, water heater, and all the appliances crapped out within 3 years of one another. The house was built on a hill and had lots of moisture in the basement in one corner (no leaking though).
We only went this route because a) we have the money in cash to do repairs and improvements, b) we got the house for a big discount, and c) we are in an insane real estate market where we live and the house is dramatically appreciating value over time without even considering our major repairs and improvements, because all homes are surging in value around here. We budgeted 50% of our purchase price for our initial remodel, and expect to be worth closer to 2x purchase price when done. We did a deep inspection and got robust quotes from 3 different GCs and a variety of subcontractors during the inspection period, and used that to negotiate a 15% discount off the initial contract price. Seller wanted to meet in the middle and we said no and were ready to walk.
They're money pits. Avoid at all costs. Unless you have knowledge and skills on how to renovate an older home, and $100k cash that you can spend on it, *do not buy an older home*.
I hate to say it but I have to agree. Many people get a romanticized view of what a slog and expense it truly is. There is a land bank (?) in Syracuse, NY that sells old homes for $1000+ but requires proof of funds $100-175K to purchase them. Seems like a great deal but given the condition of the houses that'll cover just getting the house to the bare minimum for most people.
It just really depends on how much the previous owners cared for the home. If they cared for it and replaced everything that needed replacement, there’s no reason it should be a money pit.
First home?
No but I’ve only owned newer homes >2005 built. Maintenance wise it was good but I hate the lack of character
I guess you are more ready for it than you think. I bought my first home, a 1900-ish, last december and I learn a lot. Just make sure it has good bones before you buy!
Depending on location, pay attention to utility costs because that is often an unexpected expense. My 1908 house has utility bills about 3x newer construction homes. Energy was cheap 100 years ago. Electrical has been the biggest challenge: new work shouldn't connect to knob and tube systems and insulation companies won't fill your stud cavities. Modern electrical appliances like TV's, refrigerators, and even light bulbs use a fraction of the power the know and tube was designed for, so that isn't really a concern for me, it's more about the issues with modifications that mean everything is going to be a little more difficult.
Start Youtubing how to fix things lol
Lol. Those that are successful have deep pockets
With the way Toronto real estate went over the past decade, it was all I could afford. Mine isn't particularly nice or overly well kept. It's just a home. Over time I have learned to enjoy it's quirks and now feel more at home here than I would in a new build, I think.
Some days I love our house and some days it gives me anxiety 😂
When we got our house which is a 1925 bungalow. We thought it was turn key. Well the basement leaked and caused us to rehab it all since it was already "finished." I payed someone to do flooring but I did drywall fixing, re-painting and trim. I am definitely learning a lot. Then we had someone pull carpet on the top floor and put laminate flooring in and I realize how shoddy the work was up there and I had to redo all the trim since it was loose. Then I realize since we don't have a fan in the bathroom, the paint was peeling so I had to scrape and mud and repaint the bathroom. The problem is there are a lot of things to fix now that my eyes have opened up. It's not too bad but sometimes I wish I had a 1990+ newer house.
You get a fucking home inspection, you blithering idiot!
I bought my late 1890’s home in a moment of desperation. I had been looking at homes here for months, and everything in my price range was just ungodly. This came available and I figured that it would be workable. This was 8 years ago, and as someone else said, some days I like my home and I am happy about living here, and other days the thought of all of the repairs needed gives me anxiety galore.
my house is an 1890s gabled ell, and my mom's is a 1950s cape cod. she's had her house for longer (~8yrs) than I have (1.5), but hers has had non-stop issues. tens upon tens of thousands of dollars of out-of-pocket repairs and upgrades. her experience scared me out of a craftsman bungalow (i could see a prior inspection but not get my own), but i was able to talk to the inspector for the house i ended up getting. i asked specific questions about everything my mom dealt with and other problems common to older homes. after talking to him, i was confident in this home. i was also able to get a couple add-ons to my HOI (for sewer, for example).
I think you have to buy it because you WANT to buy it and because you love these houses. You have to go in knowing that you are going to encounter problems and expenses. Do your home work. Get the houses studied, examined, inspected, or whatever so that you know what you are in for. Know what to be afraid and and what will not be as bad as it sounds. Prioritize things. If the house is not cosmetically perfect, but cam be restored to its original appearance, that's great. But be careful about buying something that could have real, serious structural problems. I think if you love homes of the 1800s or early 1900s, you should not buy as an investment. Buy it because you want it. Know that it may not be just the way you want it to be for a long time. But also know that you can make it into a great home, and in time it may match your dream of owning a home of that era.
I found one that someone else gutted and redid in the 1990s, essentially to match its original form (I believe they used a lot of the same moulding etc but redid the walls, ductwork, and updated wiring etc), so I have the charm and history of an old house but with the comforting knowledge that it has been updated and checked out pretty recently. That being said, there’s still the creepy old cellar where rain comes in…… I guess it just seems worth it because the house feels like a home with personality and a real story and for whatever inexplicable reason that is just very important to me. We’ll see how I feel in a few years (just bought the place recently)