The hidden costs of renovating an old home can cause a lot of extra financial stress than simply purchasing it. Be prepared for the possibility of finding hidden problems or costs in some of the areas outlined below.
Plumbing is a large part of any home inspection, and there are often age-related issues, so be ready to update the plumbing in an old home. Just because the water is running well does not mean there isn’t a hidden leak under the home or in the walls. A water heater is only designed to last ten to fifteen years, so it needs relatively frequent repair or even replacing. Plumbing repair is an important part of home renovation, whether it’s adding a new bathroom, repiping under the foundation, or upgrading faucets and fixtures.
Some old homes may not have a modern air conditioning and heating unit, depending on the year it was built. The cost of putting in a new unit is very expensive, often in the thousands of dollars. Be sure to properly budget for a new system if needed for an older home. Units are one of the most frequently used products of a home six months out of the year, so the unit takes a lot of wear-and-tear.
The older the home, the longer planet Earth has been rotating underneath it; so, the foundation may be crooked, uneven, or sinking. Raising or lowering parts of a home is a pricey and time-consuming home repair. Luckily, there are several methods out there to fix this common issue of older homes. It is also possible to work on plumbing under a home while inspecting or fixing up the foundation.
Like the pipes of an old home, the wiring could also need to be brought into the twenty-first century. Replacing the wiring of a house is a very important part of redoing a home, as faulty or old wiring can cause an electric fire. Depending on the climate of your home, you may also want to add ceiling fans for extra cooling and to lower the cost of electricity bills. You could also consider the benefits of solar power to cut back on some costs too.
Many old homes still boast original paint colors, out-dated wallpaper patterns, or too brightly colored carpets. If you like vintage or old-school styles, that’s wonderful, but if not, you need to consider the upgrade cost of the design aspect of the home. Fresh paint jobs, newly installed carpets, or modern light fixtures can add up quickly.
Updating an old or vintage style home may come with some additional costs that a new construction home does not, but the do-it-yourself trend has never been more popular. Budget wisely and have fun making an old home your new home.