One of the reasons that old, rich families tend to stay rich is their willingness to spend a lot of money now for something that will far outlast the current generation. This frees them up from the need to spend too much, except on things that need to be renewed or are consumed.
Take, for example, homes. A new, modern home may look sleek and won’t require much in the way of work and renovation. However, it also won’t last. Modern construction methods aren’t designed to let a structure remain largely untouched for more than a decade at most.
If you want a home that will outlive you and can be handed down as a family heirloom, you’ll want one that’s already old. If you have that kind of money, be warned. An old house can have a few hiccups that go beyond the asking price of the property itself.
Still, if you can get it all done, you’ll have a home that can last generations.
One thing to consider is the extent of required modernization.
Old homes, especially ones built before 1978, will often require extensive work done. In particular, there will be lead in the paint and asbestos in the walls. You need to call professionals like http://www.asbestosremovalperthwa.com.au to handle these tasks.
Lead paint will need to be replaced with a safer, modern coat. Asbestos will need to be taken out and new insulation put into place. As this is being done, the crews might find other areas that need fixing.
Termites and wood-eating insects and pests can often be found in older homes. This is particularly true if it hasn’t seen any recent maintenance. Hire a professional team to inspect the home and, if needed, do a full sweep to remove any such pests. Then invest in preventative measures to keep them out.
Some might find older windows to be problematic. They’re single-pane and terrible in terms of energy efficiency. The upgrade cost for these is substantial.
Check the foundations and the overall structure. You might find they’re due for an update to modern building standards, which have changed in the past century. Though this is the sort of thing you’d be looking to have checked before you make an offer.
Once you factor all those, then you can finally sit down and assess whether or not the old home is worth the price. Keep in mind that once all the updates are done and you get a hang for the proper maintenance of things, there’s nothing quite like it.
There are a certain class and charm that comes with these places. It’s hard to pin down, but if you can afford it, they’re well worth the cost.