If you are into rehabbing older homes rather than more modern homes, there are some things you need to look for and plan to fix before putting this house on the market. Most older historic homes are in need of some upgrades to make them more appealing to a buyer in the market today. A lot of modern conveniences buyers look for, older homes tend to lack these features because back when the home was built they didn’t have the amenities that we do today. Here are five things you should plan to upgrade in your home to make it more appealing when you put it on the market.
1. Keep Up With The Times.
The living areas in older homes are not equipped with enough space and electrical outlets in them to hold all of the new technology we have grown accustomed to over the years. In a lot of older homes the living areas tend to be a lot smaller than they are in a more modern home. A lot of the times men and women had their own separate living spaces, now people don’t want that. They are looking for big living areas where family and friends can gather for special occasions without stepping on each other. In order to accomplish this, you may have to knock out a few walls or build an addition but it will pay off in the long run.
2. Closets. Does Your Home Have Them?
Most older homes do not have many closets in them and if they do they are very small. People back in the 1900’s didn’t have outlandish wardrobes and shoe collections like we do today. Most people back then had one or two pairs of shoes and only a few different outfits so they didn’t need huge closets. People today have a ton of clothes and shoes per one person so you have to make sure to look at all the closet space when purchasing the home. If there are no closets, make them, and if they are to small, make them bigger. This will be a major selling point for your home when you put it on the market.
3. Put In A Master Bath If There Isn’t One.
Women today look for en-suite baths when shopping for a home and almost every older home doesn’t have one. This is one thing that you will have to upgrade for sure to make your home more desirable to the buyer because almost every newer home on the market has them. Even if you have to sacrifice bedroom space to create a master bath, do it! It will end up paying off in the long run because it is much more valuable to the buyer to have a master bath and lose some bedroom space than to have a huge bedroom and no bathroom at all. Having a bathroom suite in an older home, will make your home stand out over the rest in your area.
4. Make A Closet For Washer And Dryer Near The Bedroom.
In the early 1920’s washers and dryers were just starting to come out on the market. Home owners usually added them wherever they could fit them, weather they took out counter space and put them in the kitchen or in a dark corner of the basement. Now homeowners want them to have a space of their own close to the bedrooms that way they don’t have to carry them far. So if your home doesn’t have this, you need to make a space for it. This will make it more desirable to the buyer.
5. Insulate Where You Can.
Older homes built in the 1900’s were not built to be energy efficient. There is hardly ever any insulation in the walls. The windows are very outdated allowing air to get in along with gaps and cracks that can be anywhere. If you are tearing out walls during your rehab, that would be the time to insulate the walls you are re-doing. One easy way to insulate the home for minimal cost is to add new insulation in the attic to keep the heat from escaping through the roof. Keeping energy costs down is going to be one major selling point to your home. Nobody wants to buy a home and end up paying more in utilities than they do for their mortgage.
So there you have it, five things to look for when purchasing and rehabbing an older home. Have fun and good luck on your next home rehab.
Does rehabbing an older home sound like too much work? If so, check out this article on turn-key property investments.