5 Tips on buying a Victorian era home
Depending on where you live, whether it be a small town or a big city the multitude of different styles of homes cant be ignored. From modern, ranch bungalow, raised bungalows, cape cod, condos, townhouse, heck we even see modern boxes in these areas which are very popular in Hollywood. One particular style of house that never seems to go out of fashion is the Victorian style home. The elegant charm, history and character these homes offer will always be of interest to the discerning buyer. When looking to buy a Victorian home take these steps to ensure a rewarding successful purchase.
1: Check out the Neighbourhood
Victorian homes are usually located in the older parts of town. Take a drive around and make sure you are comfortable with the surrounding area. Proximity to schools, shopping, hospitals, churches are all things to consider when buying a Victorian home. Ask your Realtor® to pull recent comparable sales and listings before submitting an offer. The last you want to do is over pay for the property.
2: Budget for possible Reno’s
Depending on your budget the only Victorian home you may be able to afford is one that requires extensive renovation.These homes may have lead pipes, aluminum wiring and/or knob and tube wiring, asbestos wrapped pipes. asbestos Insulation and older windows. These kinds of renovations will quickly add up to the cost of your purchase.
3: Hire a specialized home inspector
This is very important when buying a Victorian home! Not all home inspectors are qualified to inspect Victorian homes. Make sure to hire one who has the experience and qualifications to do the task. Ask for references from past clients before proceeding. If you are in competing offers don’t exclude the home inspection condition clause to win the deal. We have seen this all too often lately in today’s sellers market with dire consequences. For more on buying in a sellers market check out this blog Tips on buying in a sellers market.
4: Financing a Victorian home
Your bank or mortgage broker may not be as excited when they hear you are buying a Victorian home. Speak to your bank before proceeding and find out what some of the concerns are when financing a Victorian home. Banks usually won’t finance a home with lead piping, aluminum wiring or knob and tube wiring in these areas. Excluding homes on your search that your bank won’t finance will save you some time and effort in the long run.
5: Insuring a Victorian Home
Financing and insurance goes hand in hand. If you can’t get home fire insurance then you can’t get financing in most cases. Home insurance companies will look at wiring and heating issues among other things so be sure make any offer conditional on obtaining home insurance.
Sales Representative for Coldwell Banker Ronan Realty servicing Wasaga Beach and surrounding areas.