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There is much information that points to the benefits to buying an older home. Older homes generally have lower purchase prices relative to newer houses. They tend to be located in established neighborhoods with an existing history of schools, transportation and commercial center offerings. Older houses have mature landscaping and period-style architecture and craftsmanship. If this type of home-buying information is important to you, you may want to consider an older house. Still, older homes come with their own set of issues. In order to make the best home-buying decision, here are five information topics you may want to discuss with your real estate agent.

1) Structural Issues

The structural condition of older homes can vary greatly. It if has been maintained, the structure of an older house will likely reflect the quality craftsmanship of earlier times and will only need minor repairs, reinforcement or maintenance. More recent additions may have been built to a lower standard than the original home, and can need major repairs or renovations. If the original building has not been well maintained, you may be in for a serious structural overhaul. Neglected crawlspaces can have foundation and floor structure defects. Continuous water intrusion or past fires could have damaged structural areas that are now concealed. Be sure your home inspector investigates the structure of an older house thoroughly.

2) What is Involved with Remodeling

Many people purchase an older home with the intention of remodeling it in order to make the house more comfortable and raise the home value. Like many equations in life, the decision to remodel an older home boils down to time or money. If you decide to spend more of your time and less of your money, you’ll need to be handy and have your weekends free of other commitments for several months. If you prefer to save your time, but spend more money, your real estate agent can refer you to a contractor who specializes in raising house value by remodeling older homes.

3) Zoning Issues

Before you purchase an older house with the intention of remodeling and raising the home value, be sure to investigate the zoning regulations. Many older homes come with zoning restrictions, including pre-determined setbacks from property lines, limits on roof height, etc. If the home is on a municipal historic register, regulations will likely be even more stringent in order to preserve the house’s historic character. If you’re considering alternative uses for your older house, like turning it into a commercial office, building an in-law apartment, etc., be sure to ask your real estate agent about zoning specifics.

4) Cost of Operations

Higher repair and maintenance expenses should be factored into the budget when calculating the total cost for purchasing an older home. Renovations, repairs and even pre-purchase inspection costs can be considerably higher than if purchasing a newer house. Also, the lack of modern insulation materials means bigger gas and electric bills in order to heat and power the house. And, major appliances, plumbing and heating systems will likely need maintenance within the first few years of your ownership.

 5) Termites

In an older home, it’s possible that termites and other wood destroying insects could have damaged timbers and structural supports for years before they were detected. It would be highly unusual for a house to survive for 100 years without any kind of termite/ant/beetle infestation. It’s important to determine whether there are any signs of current infestation, and the extent of the damage of past infestations. If a wood destroying insect has eaten away at the structural support of a house for a significant amount of time before being discovered, you may need to add some reinforcement to the beams and posts in the basement. It is also very important to protect against future infestations. You may want to consider having a pest control company do preventative treatments as well as periodic visual inspections.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

Remodeling a home starts with a dream. A gourmet kitchen! Skylights! A gigantic walk-in closet! But, the dream may turn into a nightmare if you don’t plan ahead. Buying a home will arguably become your most important financial investment, as well as a major emotional investment. And, remodeling that home can make it better suited to your lifestyle and increase the house value. However, the remodeling process can seem overwhelming at times. If you’re buying a home that you plan to remodel, here are some issues to consider.

It’s always important to make home improvements to satisfy your needs and desires, not just to raise the house value. After all, you’re the one who will be living in the home and enjoying the improvements. However, if you’re making improvements in order to increase the resale value of the house, be careful not to overdo it. It is possible to add too much house value in relation to the other homes in your area, and can be difficult to recover these improvement costs when you sell the home. Also, some expensive choices, like particular fixtures or flooring, may actually make your home more difficult to sell. Talk with your Coldwell Banker® real estate professional about your remodel plans before putting on your work gloves.

While the specifics of the home you are buying will determine your remodel plans, certain improvement projects have historically provided high ROI’s, or Return On Investments. According to Remodeling Magazine, improving the quality of a kitchen—whether upgrading appliances, changing the layout, counters and cabinetry, or simply painting and swapping out drawer pulls—provides the highest ROI of any remodel project. Also, remodeling or adding a bathroom is a proven way to increase house value.

Before you purchase a house with the intention of remodeling and raising the home value, be sure to investigate the zoning restrictions and environmental regulations. Many older homes come with zoning restrictions, including pre-determined setbacks from property lines, limits on roof height, etc. If the home is on a municipal historic register, regulations will likely be even more stringent in order to preserve the house’s historic character. If the home you are buying is in an environmentally sensitive area—adjacent to wetlands or protected open space, for example—or contains a significant natural resource, additional regulations may limit your remodel plans. Such regulations can impede on house size, paving, grading soil, cutting down trees and removing native plants.

Your attorney can help you determine zoning and environmental regulations and determine if you have the correct permits to begin any home improvement project. In most parts of the world, a legal permit is required before you make structural changes to your home. The building permit and associated inspections and approvals can provide assurance that the remodeling project meets local building codes and safety regulations. If you live in a historic district this process may also provide assurance that exterior changes to your home are in keeping with neighborhood guidelines.

Lastly, before buying a home that requires a remodel, be aware that some problems simply can’t be fixed. Whether the desired improvement is prohibited by local regulations, or can’t be undertaken with your budget or timeframe, it’s important to recognize the limitations of your home’s potential.

The staff at Coldwell Banker Real Estate LLC writes select articles about important topics related to real estate. For more information about buying a home or selling your current property, visit ColdwellBanker.com today.

U.S. Presidents Day, officially known as Washington's Birthday, is a federal holiday in the United States and is celebrated on the third Monday of February. This year Presidents Day falls on February 15.

Although it has become known as a great weekend for sales, especially on cars, there's a lot more to the holiday. Presidents Day is a good chance to learn more about American History, civic responsibility and even U.S. Geography.

If Presidents Day puts you in the mood for a great sale, call one of our professionals to assist you with one of the biggest purchases you will ever make, a new home!

Enjoy your day!

2010 has started out with more transactions than this time last year.  Our agents are assisting home buyers & sellers everyday.  Our agents continue to stay on top of education, technology, and marketing to give our clients the best service available.