Older Homes have their Special Charm

By Janet Bedford, Broker: Royal LePage Real Estate Services Ltd. 326 Lakeshore Road East, Oakville Ontario Call: 905-845-4267

 

In this time of a very busy Real Estate Market the question of an older home versus a newer home can be foremost in the mind of many Buyers. The Spring Market, February and March, is traditionally the busiest Real Estate season. Historically low interest rates continue and are providing a solid foundation for our housing market. It is a perfect combination of housing values and home financing options that can include money for renovations.

Older homes have their special charm with their location, larger lots, their style and often their affordability. Many of these homes have been lovingly upgraded and feature the open concepts of newer homes. Life style is a choice and for avid gardeners and for those who enjoy the feeling of space, these properties excel. With the influx of trades people who are happy to do the yard work, older homes have great appeal.

The appearance of our neighbourhoods is changing, however, as Buyers, who love the land that comes with the older homes in established areas, tear them down and replace them with modern construction. There is money that may need to be spent, but the charm of these older homes remains intact.

There are areas to be aware of when thinking of purchasing an older home; one being energy efficiency. Single pane windows, used in the construction, may require replacement to reduce energy costs and are available to you in many styles that will enhance the appeal of the home both inside and out. The insulation in the attic and crawlspaces is an easy upgrade that will substantially increase your comfort level and energy efficiency. Furnaces and air conditioners also have a life span and when replaced with up to date technology, can reduce energy costs substantially.

As we all have so many electrical needs such as computer usage and a wide variety of electrical appliances, you may also find that the electrical system could benefit from an update to100 amp service or more. Any knob and tube wiring must be replaced to comply with insurance regulations.

If the home has a finished basement and has a musty smell, there is a possibility that water or moisture has collected behind the walls. Many home inspectors use a technique called thermal imaging and are able to identify problem areas. There could be faulty downspouts directing the water towards the basement areas and this can be easily remedied. Carpets, cardboard storage boxes and furniture that have been placed too close to walls, can create poor air circulation in these areas and the subsequent possibility of some mould or mildew could be evident. Mould needs to be removed but unless the mould is extensive, it is often easily remedied, once the water source is identified.

A good home inspector will be able to reveal to potential Home Buyers information on any outstanding issues found in the home they are considering, complete with estimated costs and a timeline detailing when these repairs will need to be completed. This inspection will also provide the basis that will enable the mortgage financing lender to decide on which financing option best suits the Buyer.

“Peace of Mind” and an avid desire to live as you chose are possible. Your choice of homes is as rich as your imagination. A Real Estate professional, familiar with older properties, will be happy to assist you with your ultimate choice…. an older home versus a new one.

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