Tips To Assess The True Cost Of A Vintage Home

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The Federal Savings Bank offers a few tips to help buyers assess the true value of a desired vintage home.

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It is important the prospective buyer knows about and understands any issues that are revealed during a home inspection

A beautiful vintage home can charm and dazzle everyone who lays eyes on it, but the sticker price of these properties may actually wind up significantly higher than initially expected. First-time home buyers looking to invest in a piece of history should consider a few factors before breaking out the checkbook and committing to these historic homes.

The following are a few tips on what The Federal Savings Bank suggests buyers do to assess the true value of a desired vintage home.

Perform A Home Inspection
While a home inspection is always an important step buyers should take, these are exponentially more crucial when looking at a vintage property. Remember to first do some research on various home inspection companies and ensuring the professional can evaluate the home for:

Asbestos
Lead paint
Termites
Pests

Check for Structural Issues
It is important the prospective buyer knows about and understands any issues that are revealed during a home inspection. He or she should also be confident in his or her ability to finance these repairs before purchasing the home.

In addition, potential buyers should ask for recommendations from friends and family members who recently had a home inspection completed. They may be able to offer a company that did very well or advise against another that didn't complete the job up to standards.

Make Sure The Investment Is Worthwhile
A vintage home can be a great investment because there are fewer of these houses available. Buying an older home can actually wind up being a valuable long-term investment, especially if the general maintenance for the house isn't too much.

Potential buyers should keep this in mind when looking at older homes. They should note any issues they see and calculate the potential cost of owning the home.

In addition, checking out other older homes in the neighborhood and finding out current and previous values of these properties can help buyers determine whether the investment is worthwhile.

Consider Heating And Cooling Costs
Older homes will also likely be more expensive to keep warm during the winter and cool during the summer. Interested buyers should ask the sellers or the representing real estate agent the typical cost of a monthly energy bill.

Another question buyers should ask is whether the heating and cooling system has recently been replaced with a more modern unit. This may impact the efficiency of the system and how much it will cost to keep the house comfortable all year long.

Contact The Federal Savings Bank, a veteran owned bank, to learn more about mortgages.

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Giorgio Urbano Ferrero
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