Why Buying Older And Renovating New May Be The Perfect Home Strategy For You

Why Buying Older And Renovating New May Be The Perfect Home Strategy For You
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    One of the advantages of owning a home is that you can change it to suit your needs.

    Therefore, it may be in your best interest to buy an older home and then renovate it to create the look and feel that you want.


While this may require more time and energy compared to buying a turnkey property, you may save a lot of money.

Older Homes May Have More Charm

Those who are looking for a home with quirks and oddities not found in modern homes may want to buy an older property. Older homes may come with functioning chimney, formal dining rooms and floor plans that may not be as popular with builders today. In some cases, an older home may have a connection to a town’s past or a famous resident who lived there.

Older Homes May Be Priced Below Market Value

An older property that hasn’t been lived in or maintained in the last few years may come at a price that is below market value. This gives you the opportunity to quickly build equity in the house while also allowing you to live in a neighborhood that may otherwise be outside of your price range. Alternatively, it may allow you to buy a rental property that can generate larger profits because it is located in a nicer neighborhood.

You May Qualify For A Variety Of Loan Programs

It may be possible to qualify for loan programs that will help you pay for any rehab work that your new home needs. In some cases, you may be able to borrow up the projected value of the home after improvements even before work begins. By working with a professional, like those found at Assurance Financial Group, you keep borrowing costs low compared to working with hard money or other alternative lenders.

An Older Home May Be Easier To Sell

Homes that were built 75, 100 or 200 years ago may be easier to sell because of the stories associated with them. Assuming that you keep the home’s original charm while also making it comfortable for someone living today, you should have no problems finding a buyer the day that you put the home on the market.

If you are looking for a house that is affordable and offers maximum resale potential, it may be best to buy an older home. As the owner, you can make whatever modifications are needed to conform to building codes and ensure that the house functions to your liking.



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Categories: Home Renovation

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