Today’s housing market is very difficult one for first time buyers. Our latest emergence from Recession has seen a limited housing stock countrywide. As a result many first time buyers are looking to older houses as a purchasable option. Second Time homes are readily available and generally more affordable from the offset. However, this brings its own pros and cons associated with buying an older home.
A huge benefit of buying an older home is character, you are buying a piece of history, if you are lucky enough to find a house which still has original features that is a huge bonus and if restored correctly can add great value to a home.
With histories old world charms come’s old world energy efficiency. New homes have to meet building regulations to ensure they are efficient. Older homes which have not had an energy upgrade can be cold, damp and use a lot of costly energy to keep them liveable. Old homes can of course be upgraded, however first time buyers need to keep this in mind when purchasing an older home. It is essential to have energy efficiency upgrades worked into your budget.
Often older homes are built on larger plots of land which allows expansion options. However, older homes often have little storage so when viewing a house be sure to bare this in mind. While storage can be easily added it will reduce the floor space within a room.
Often older homes are cheaper to purchase, but as mentioned be sure to factor in all upgrades to the overall cost of the property. If you are not DIY Savvy, will you need to hire in a professional to do the work? It may be worth assessing your DIY skills and figuring out what you might be able to do yourself to save on those refurb costs, also factoring in the cost of Materials needed.
Do your research, see what help is available from government bodies. Did you know that the SEAI offer grants for a number of Retrofit Measures for houses built prior to 2006? Measures including Attic insulation, Solar Panels, Boiler and heating control upgrades, external, cavity and internal wall insulation.
You should also check out if you can qualify for the Home Renovation Incentive Scheme which is available until 31st Dec 2016. The Incentive provides tax relief by way of an Income Tax credited at 13.5% of qualifying expenditure on repair, renovation or improvement works carried out on a home by qualifying Contractors.
Keep an eye out for more of our first time buyer blogs :)