Reasons to Consider Purchasing an Older Property

Reasons to Consider Purchasing an Older Property

When you are considering buying property, it is wise to consult with property lawyers to ensure everything is legal and above board. They’ll be able to tell you what to look out for and do all the legwork in making sure the property is suitable, safe and sound. They may also give advice on property law and pricing.

Most people love the idea of moving into a brand new home, but there are some good reasons to consider purchasing an older property.

  • Older properties can be found closer to the CBD and in inner city locations. This puts you closer to the action and can save on transport costs to work and to other amenities. It’s not so far to go to dine out and find other things you like to participate in as part of your inner city lifestyle.

  • Older properties may need some upgrades or renovations so the purchase price will likely be lower to allow for this. You can then DIY or wait awhile for those renovations and do them as you can afford them.
  • Such homes are on larger blocks because that’s how it was in the days gone by. This can give you an option of subdividing if it is allowed or adding a granny flat for parents or to rent out for a profit.
  • The larger blocks often have established gardens, so you’ll save on the cost of doing landscaping.
  • If you are buying it for an investment you intend to rent out, being in such a convenient location is likely to bring you plenty of rental offers.
  • The older homes and units are mostly much larger than new homes, giving you plenty of room to breathe, have guests and raise a family all with the convenience of being close to town and business areas.
  • Many older homes have solid timber floors that only need sanding back and polishing to look magnificent. Newer homes are more likely to have timber veneer that can’t be sanded back because it is too thin.

Homes built between the 1960s and 1980s are usually still in fairly good condition and suitable for renovations. If you can also preserve their distinctive art deco look you’ll have a home that is worth its value and looks amazing.  In that era, timber was plentiful and homes were affordable to build without any cost-cutting measures, making them really worth renovating and also easy to renovate due to the solid floors and walls.

Such homes are solid and stable, and even if they are starting to look their age a good coat of paint will really rejuvenate them. When renovating such a place, especially if you intend to sell it soon, use good quality materials and make sure it is done by tradesmen who are reputable.