A recent CBC News report showed that the average Canadian house price reached $816,720 this year.
Several homeowners have taken advantage of this real estate market and sold their homes for enormous profits. However, homebuyers wonder how they can afford a new property.
Many homebuyers consider purchasing an old house for less money. Their reasoning is that it would be easier to restore an old home than buy a new house in this market.
But is restoring an old house worth it? That's the question we set out to answer! Keep reading to find the information you need.
Benefits of Restoring an Old Home
There are several benefits of restoring an old home. As we mentioned, you can usually buy a fixer-upper house for significantly less money. In this story, a teardown house sold for $500,000 less than what similar houses in the area cost.
It's often best to do these renovations yourself if possible. A DIY renovation can save you thousands of dollars over time.
Likewise, your DIY-renovated house can become an excellent investment over time. You can sell your new home for a much higher price than you purchased.
Second, old houses often have more character than new constructions. They often include old-fashioned woodwork and intricate moulding details. These distinguishing features make your home unique even after renovations.
Finally, restoring houses often provides solid home foundations. These houses often have a sturdy composition, allowing them to last longer than many new constructions.
Challenging in Old Home Restoration
There are many benefits to restoring an old home, but this task also brings challenges. For example, you may save money when you purchase an old house. However, renovations could devour whatever savings you may retain.
Fixer-upper houses often need roof replacements, plumbing updates, and new HVAC systems. Each could cost thousands of dollars, so ensure you get a comprehensive inspection before purchasing a house.
Old houses can also contain toxins. For example, you may discover asbestos in an old house. This material can cause several health problems when left untreated.
Renovations can also take substantial time. Old houses often don't follow standardized designs.
Because of this, your timeline for renovating old houses could change quickly. In many cases, this timeline extends.
How Can You Reduce Costs?
You may wonder if it's possible to renovate your home and cut costs. One possible way is to hire a professional service to renovate your house.
Professional services have a few advantages that many people do not. For example, they have extensive experience with restoring old houses. They can identify the worst problems in your home and fix them.
They also have a larger team to fix your house. As a result, they can work faster than most homeowners.
Find the Best Renovation Service Today
Old home restoration can be worthwhile, especially when hiring a renovation service. These experts can fix your house faster and more affordably than many can do alone.
Old home restoration can be worthwhile, especially when hiring a renovation service. These experts can fix your house faster and more affordably than many can do alone. Request a free quote today to see if our services fit your budget!