How to Choose the Right Old Home to Buy
You might have read our recent article featuring an interview from local “old-house-expert” Larissa Munsch. If you’ve decided you want to consider an old, vintage, antique, or Victorian-style home, you might be asking “which one do I choose?!” Lucky for you we followed up with Larissa to get her insider-tips for choosing the right old home to buy.
On the emotional side, Larissa says she prefers old houses with a rich history or interesting story. Along with her husband Kris, they love a challenge and tend to take on the homes that need the most work, sometimes just because no one else wants them.
Is it worth investing in an old home? On the financial side, she says the price must be right. She considers the purchase price and the estimated cost to restore. Then if she plans on selling the restored home, she estimates the listing price for an updated home in the neighborhood to see if the investment is worth it. If she plans to rent out the house or list it on Airbnb, she runs very similar numbers but compares the projected yearly income as a rental or Airbnb.
What should I avoid when buying an old home? We asked if there is anything homebuyers should specifically stay away from when choosing an old home. She says there’s not much she avoids and believes anything can be fixed at a cost. Even a completely crumbled foundation can be fixed. She says it all comes down to price. Larissa says there’s no such thing as a “tear down.” For projects like crumbling foundation or a failing roof, you just have to ask yourself if the costs associated are worth paying to get your dream home.
If you’re dreaming of buying an old home in the Hays, Kansas area, contact an agent at Coldwell Banker Executive Realty. We’ll help you find the perfect old house and make the process as easy as possible.