Image via WikipediaThe positive aspects of renovating an old house are enticing: A sense of accomplishment, an outlet for creativity, and the possibility that it will be a good investment. However, the experience of returning a house to its former glory can be frustrating and overwhelming to anyone who attempts it for the first time without proper understanding.
The worst aspects, according to old-home buffs:
Not knowing what you are getting into. Living amid the chaos of reconstruction for very long periods.
Some things to consider when buying an old home to renovate:
Choosing the right neighborhood is the most important element on the investment side. If many homes are being renovated in your neighborhood, chances are good that your choice will be expensive. Best: Find a neighborhood where one or two homes have been renovated on your block and several more a few blocks away. There is a strong possibility that the neighborhood will blossom and values will rise.
Speak to owners of similar homes in your area before you purchase. Concentrate on the steps they took.
Get a good engineer’s report about the home, and focus on foundation, plumbing, electrical, and mechanical systems. These are the most difficult to restore. Choose an engineer with considerable experience in old homes.
If you want a modern interior and expect to gut most of the house and substitute modern fixtures, find a house that’s just a shell. Reason: Old homes with fine architectural details such as marble mantels and restorable wainscoting cost more.
Don’t put your last penny into a down payment and take a big mortgage. The fixing-up process can be extraordinarily expensive even if you expect to do much of the work yourself. Expenses vary nationwide, correlating most closely with labor costs in your area.
Don’t get an architect to draw up a master plan for your house immediately. It usually takes a while to know what you want out of a house. Unless you have lived in it at least six months to a year, you will probably make expensive mistakes.
Learn how to deal with contractors. You can’t do everything yourself. You must hire experienced people. Read the contract. Make sure the Contractor is bonded. Possibility: If you are fairly handy, call in a professional to do a small portion. Watch carefully. You may be able to finish the job yourself.
Gutting an interior can be done easily by: anyone. All you need is a crowbar, sledge hammer and elbow grease. Most homes can be gutted in a weekend. Keys: Hire neighborhood teenagers to help. Find a dump for the plaster.
Don’t be discouraged by broken beams, crumbling interior plaster, or even a leaking roof. As long as the exterior walls and the foundation are solid, shabby interiors are secondary.
Study local zoning laws before you make any major changes. Reason: Removing a pipe or a wall frequently requires a building permit.
However, after you get the permit, your tax assessment will be raised, probably by as much as the value of the renovation. Important: Be prepared to try negotiating with the tax assessor.
Most expensive changes: Changing the location of the kitchen or bathrooms. Why: Plumbing. Don’t do it if you can possibly live with things where they are.
Way to boost resale value: Organize a walking tour of restored homes in your area. These walking tours are great sales tools.
Source: Benita Korn and Patricia Cole, directors, the Brownstone Revival Inc. 200 Madison Ave., New York 10016.
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