Considering buying an older home and then renovating it? You don't want to be biting off more than you can chew but you also want to have a good return on your investment. The home with good bones might be the only thing good about it so it's important to have an inspection and understand all of the hurdles that you could face when you want to renovate or change older or historical buildings.
Historical societies exist to protect various buildings and features in historical neighborhoods and if you're planning on purchasing an older home it's important to understand whether the building has any historical significance. If you attempt to renovate or remodel an older home, you could come under fire from public pressure, especially if your remodeling an older building in a designated historical neighborhood with certain relevance. There may also be laws against renovating certain homes in particular neighborhoods, especially if you're planning on completely changing the architecture.
Proper permits and permissions can be a nightmare for renovating older homes so before finalizing the sale, it's important to have an understanding of the building in question and ask questions to local building contractors, permit managers, and zoning facilities as well as any building agency that might be involved in an older or historical building.
Costs are usually one of the largest hurdles to renovating an older property. This is where having an inspection comes in handy. You can get a better idea of all the costs involved such as rewiring the entire house to stay up with code, installing new plumbing, new insulation, or the structural integrity of the foundation as well as top biography of the land that it sits on. Home inspectors can give you a good idea of the cost and work that would need to be done for renovating certain features and an older home.
Environmental issues are also another hurdle that you might face when renovating an older or historic home. Some older buildings may have exemptions from modern building codes and environmental regulation but raw materials may cause a hazard once removed during a remodel. Asbestos was actually used in fireplace mortar and bricks so removing a chimney or fireplace can be quite a hazardous ordeal and may need certain permits and professionals to remove it or other asbestos throughout the house. Lead pipes, old plumbing, and knob and tube wiring may all have environmental issues to deal with.
While these hurdles are not necessarily uncommon or a dealbreaker, it is important to understand them and know what you're getting into before finalizing the sale. Renovating an older home can be extremely rewarding but knowing all of the costs and issues involved will put you ahead of the game overall.
Give us a call if you're interested in learning more about older or historical buildings and homes throughout Colorado Springs.