What is Living in an Old House Costing You?

Older houses have a certain undeniable charm. Yet, problems can lurk just below the surface of even the most magnificently refurbished properties.

If you’re not sure whether you’re going to buy new or old, but know that you want to save money wherever you can, read on.

By the time you get to #8 you'll be reconsidering whether you really want to take on the myriad of financial burdens and building challenges that come with an old fixer-upper.

 

1. Electricity for Days

While new houses are legally required to implement strict energy efficiency measures, these high standards haven’t always been the norm.

The older a house is, the less likely it is to have efficient electrical systems in place.

There are many ways an old house racks up additional energy costs. From a lack of insulation, through to old lights, undersized electrical panels that are constantly on the fritz, or old wiring with crumbling insulation that needs to be replaced. 

And, fixing these systems will do little to add value to your property. Electrical improvements are out of sight, and having a property with working and safe electrical systems is a basic expectation.

 

2. Expect Hazardous Building Materials Every Time

Chances are, if your property was built or renovated over 25 years ago, it was constructed using asbestos-based building materials. Asbestos – or “fibro” – isn’t dangerous if it’s left intact. But if you want to do even the simplest renovations or repairs on asbestos-based materials, you’ll have to hire a professional because it’s illegal to do the job yourself. And any renovator will tell you that safe asbestos removal is not cheap.

Additionally, if your house was built before 1970, lead paint was probably used. Like asbestos, lead paint is fine when it’s untouched, but if its flaking or chalking you’ll need to fix the problem ASAP, and make sure you take all additional safety precautions to limit exposure.

 

3. Renovations & Repairs are Harder & Needed More Regularly

Older properties are more likely to need work done before they’ll pass a building inspection.

Whether you need to fix an ancient DIY project that was never up to standard or standard features that have fallen into disrepair over time, don’t expect upgrades to be in the same price range as upgrades to newer houses.

Why? Aside from the hazardous building materials already mentioned, older houses are rarely square and level like new houses because they settle into the earth over the years. This means cash wasted on labourers having to fiddle around.

 

4. More Wood, More Problems

Warping wood can lead to windows and doors that don’t seal tightly and reduce overall heating and cooling efficiency. Rotten or warped wood components also allow pests into your home, and termites, wasps, ants, rodents and possums can all wreak havoc on your home’s structural integrity. Fixing these pest problems will cost you two fold – the price of extermination and then the added price of damage repair.

 

5. Foundation Problems - A Bottomless Money Pit

Older houses are more prone to needing potentially costly foundational repairs. Warning signs that the problems in a house run deep can include cracks in plasterboard, windows and doors that stick, flooring that is not level, bulges in the foundation walls or a noticeable lean.

 

6. Water Intrusion - Checked Your Shingles Lately?

Over time, a leaking roof can be the downfall of a house. Older houses that have shingled roofs are particularly at risk of water intrusion, as their shingles are out of sight and out of mind, so maintenance is often neglected.

If your home has water spots on the ceiling or exterior walls that could indicate another money sink.

 

7. Plumbing - Out Of Sight, Until It's Too Late!

Everybody loves a traditional home with a fresh bathroom, kitchen or laundry installation. Yet, any value added by aesthetic improvements to an old home can be destroyed by a host of common yet hidden plumbing problems. Inadequate drainage, underground pipes that are cracked and leaking, toilets with weak flushes and backflow issues, and outdated and inefficient hot water systems can’t be ignored.

And, worst of all, some of these issues aren’t easy to spot, so you won’t know what you’re up against until annoying minor symptoms later down the road lead to the discovery of a major plumbing issue.

 

8. Mould - The Hidden Killer

If plumbing issues or water intrusion have left the inside of your home wet at one stage, you will probably have issues with mould inside the walls. Aside from making a house smell musty, mould is a major health problem for a building’s inhabitants.

Eradicating mould and stopping its source will be expensive – but not as expensive as the liability you face if you leave your tenants or home’s occupants to live in a toxic environment! When it comes to mouldy houses, it’s a lose–lose situation for the buyer. It will cost a lot and you won’t get any financial return.