The charm and historic value of old homes is difficult not to fall for – especially when they come at a great price. Modern homes are indeed more expensive, but that’s not the only reason why some buyers would choose an old property over a modern one. Individuality, old-school charm and very often a prime location are only some of the features that make older homes attractive in the real estate world. Historic homes are very common in Maryland, and they represent a substantial part of the real estate market in this state. However, precaution is extremely important when making such a purchase. Old homes come with some potential risks, which is why you should talk to experts in this field, just to be sure you’re ready for a project like that. We want to make things easier for you and remind you of the essential things to consider before buying an old house in Maryland and make this purchase the safest possible.
The price can be deceiving
In real estate, prices can be quite deceiving, especially when it comes to old homes. Old homes tend to be less expensive than modern properties, but a price that’s way below market value should be a red flag for the buyer. Extremely low prices can be attractive for inexperienced buyers, but the ones who are more real estate-savvy will know there’s probably a catch. It’s likely that sellers are trying to compensate for an issue that the property has, and that the house isn’t as good as it looks.
This situation makes home inspections even more important. You need to make sure the home inspector does an impeccable job and ensure you’ve got a realistic image of the property. Furthermore, consult with your agent and see if they can track down previous home inspection reports and other documents that can tell you about the history of the property. Discovering certain issues doesn’t mean you should run away from the house but be aware of the potential issues and future expenses.
Renovations can get more expensive than you think
Even with the best inspection report, we’re still talking about an old property. Even though they are essentially sturdy, old houses often come with a high risk of expensive renovations. Very often small renovation projects turn into bigger and more expensive ones, making your renovation costs unpredictable. Also, older homes often have issues with dangerous and toxic materials such as radon, lead and asbestos, but also malfunctioning water filtration systems, mold, pests and more. A thorough investigation will help you minimize the risk of such issues, so make sure you take that step very seriously. Old homes require you to have an emergency fund dedicated to unplanned renovation projects – it’s better to be safe than sorry!
Old homes come with limitations
Older homes are perfectly charming and beautiful, but they might limit you in terms of renovation and modern home improvement. These restrictions may come from the local building department, but also the old-age electrical system of the house, outdated design, and more. Older homes are often less energy-efficient as well, which results in higher energy consumption and increased costs. However, these are not the reasons to give up on buying an old house in Maryland – it means you should have the right attitude towards this purchase and be creative with solving those issues, because all the effort will be worth it.
You need to have a proper insurance
Insuring an old property is extremely important when you become a homeowner. However, one of the things you should know before buying an old home in Maryland is that insurance rates for properties older than 25-30 years are more expensive. There are several reasons for it – old design, wear and tear of the years, presence of dangerous materials and more. However, with the right insurance you shouldn’t worry about it. All State Moving and Storage advise you shouldn’t forget about insurance even before you move in. Leaving your belongings in a storage unit, for example, is also a situation that requires proper insurance, as well as the transport of your items to the new home.
Consider if you have time and budget to do this
Even though they are indeed less expensive at first, older homes are not cheap to maintain and renovate. Furthermore, they require more time and energy to take care of, which is something to bear in mind when buying an old house in Maryland. These efforts and investments are certainly worth it, yet it’s not for homebuyers who are not ready to dedicate a bit of time to their property. Older homes often come with several benefits, but you’ll need to work for it and enjoy the process of renovations, DIY projects and giving the old things their new shine. If you’re up for the challenge, your move to Maryland can be quite a pleasure.
With the right team by your side, this can be an amazing experience
The whole process of finding a great old property and renovating it to your taste requires a team of experienced people to help you out. Even if you have assistance in around the corner to help you move, there are steps before that will also require the helping hand of an expert. An experienced local real estate agent who knows Maryland properties well can surely help you find the best value for money. Also, you’ll need an engineer, a contractor and finally a skilled inspector to check all the potential issues with the property. All of them will make a winning team that will help you find the home of your dreams.
Should you buy an old house in Maryland?
Absolutely! If you want a home with a historic beauty, a place that’s unique and charismatic, and you don’t mind a bit of touch-ups to make it safer and more comfortable for your family – it’s time to start house-hunting! Buying an old house in Maryland can be a great investment, just be sure to take your time and have a skillful team by your side to assist the search.
Meta: Thinking about moving to the Old Line State? Here are some important things to consider before buying an old house in Maryland and making it your new home.