Buying Old Property
It is also important to get an understanding of just what might be meant by an old property: is it one from the 1800s, or even the 1700s (of which there aren't that many left)? Well, in the UK it is generally used for any property that was built before the start of World War II. Then you may also come across 'period homes', and this term is used for those that were built before the start of World War I.
There are many obvious advantages to buying an old house: there are quite often interesting period features and you may get wonderful fireplaces, higher ceilings and more ornate interior decoration than in your standard run of the mill house these days. Often they stand on particularly large plots of land, too, with generally larger rooms.
However, there are also potential disadvantages. Because the house is older relative to newer properties, then this means that it could be in a worse state of repair. If old bathrooms and ancient kitchen white goods are in place for instance, then the facelift could be expensive. Often older properties may not have central heating or other mod cons - and depending on location getting it connected to all the utilities can cost a small fortune.
Old houses were built long before the days of energy efficiency, and so they may be expensive to heat and keep heated, with double glazing and roof insulation not the buzzword at the time. Improving the energy efficiency of the house can be an expensive thing indeed.
Whilst you should always get a survey done, it is particularly essential with an older house as, given its age, there has been more time for potential structural problems to arise, more time for the horrible thing that is subsidence to start to kick in, and more besides.
More property related articles:
- Mortgage Fees
- Making an offer on overseas property
- Buying Thatched Houses
- Spain and NIE Numbers
- Property Gazuming Explained
