Many people dream about purchasing their own house, and there are quite a few reasons for that. Most importantly, homeownership gives you the level of freedom and comfort some of us are looking for. Apart from this, it can be a great investment and even a chance to save money, especially when you are still in college.
Purchasing property as a student sounds like a dream come true to many. After all, there is a belief that young people simply can’t afford it. The good news is that you might be able to afford to buy a home if you opt for the old property. It should also encourage you that recent home ownership data suggests younger people are increasingly able to buy homes. All you need is to know the key factors to look out for before making this purchase. So, read on to learn about them.
1. The Quietness of the Neighborhood
While studying in college, students are facing plenty of academic issues. Thus, the quietness of the neighborhood should play a decisive role in the choice of a property. Of course, you can always hire professional custom writers to ease the tension and get all your homework done with ease. This way, you will keep your grades up.
Nevertheless, apart from academic papers and homework, students also need to study new materials and get ready for exams, which is something you can’t really delegate. Thus, if you want to successfully continue your education, make quietness one of your top priorities when choosing a home.
We know that this criterion may not be the most obvious. But, trust us, living in a noisy and crowded neighborhood is only fun in theory. In practice, it can have a devastating effect on your academic performance. So, for future student homeowners, this is a critical thing to look out for.
2. Cost
One of the biggest reasons to opt for an old house is because it always costs cheaper than new property. The prices for such homes can look pretty sweet to students who are often on a tight budget. However, cost still remains one of the key things to look out for before making a purchase.
By “cost,” we mean not only the price for the chosen house. Apart from it, students should also pay attention to interest rates if they are filing for a mortgage, as well as the cost of renovation. Thus, before making a final decision, students need to be sure to figure out all financial matters and get a job in time.
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3. Location
When purchasing property as a student, you have to pay special attention to the location. Basically, you have two options - to live near campus or further away from it.
So, what should you choose? Typically, the property located near campuses is a bit more expensive. However, there are also many pros. First of all, if you choose a home next to your college, this will save you plenty of time and money on transportation. After all, you will have to get to campus at least five days a week.
Besides, such properties can be a great investment. According to experts, homes located near campuses tend to retain their value because faculty staff and students are always in need of accommodation. So, even though it can be more expensive, such an investment can eventually pay off.
4. Easements and Restrictions
All sorts of restrictions and easements are the things buyers (especially young ones) tend to miss out of their sight quite often. Yet, these are the things you should really look out for before purchasing an old house.
Often, old buildings are listed as historic sights or are somehow related to famous individuals. If that’s the case, owners can have a number of limitations in terms of making any modifications and renovating their homes. And this is something you want to know before buying.
Ask your agent or get in touch with the city or town authorities to check if the property you are interested in has any restrictions or preservation easements.
5. External and Internal State
Finally, before buying an old house, students will have to do a couple of inspections to see if the chosen property is really worth investing in. During these inspections, you will have to check the external and internal state of the building.
Of course, given that you are purchasing a house that you plan to renovate, there will be plenty of flaws that you can close your eyes to. But, here are some of the key things that you should really look out for:
- The state of electricity inside the building;
- The condition of the flooring;
- Cracks in the ceiling and walls;
- Signs of condensation, mold, or dampness;
- The condition of a bathroom;
- Water pressure;
- The scope of work and maintenance required for the garden/backyard;
- The quality and condition of the exterior brickwork;
- Damaged or missing tiles on the roof;
- The condition of the chimneys;
- The state of gutters and drains;
- The state of fascias (wooden construction located under the roof).
Of course, there will be many additional things that you will have to consider when opting for an old house. There will be plenty of other, both internal and external, elements to keep an eye on. However, the things listed above can cause you the most trouble if they are in a bad state. And they can be pretty expensive to fix.
Trust us, if you check properties using this checklist, you will avoid stress and plenty of future issues!
The Bottom Line
If you are determined to become a homeowner while still being in college, purchasing an old house can be a great option. It is much more affordable than investing in a new property, and at the same time, it can offer you all the same homeownership benefits.
Though it is generally a great idea, of course, there are a number of possible issues associated with buying old properties. However, if you know what to watch out for, you find a real gem. So, use this article as your guide for purchasing old houses and making the most of your investment!
