It is no secret that more and more people are finding older homes, updating them and then flipping them for large amounts of money.
It is also becoming obvious that a lot of people feel that the older the house, the cheaper they can get it for, which means you can flip it for a larger profit. Regardless if you are interested in purchasing a house to flip or making it your own, you should be aware of some of the extra expenses that could possibly arise during your renovations.
To start, what classifies as an older home?
In this case, your baseline should be any home built before 1978 as the first problem you may run into is lead based paint.
This can become very costly as now you will be required to hire a specialist to remove the contaminated paint before you can move forward with anything else.
Two other things to keep an eye out for is updated electrical and plumbing. Usually this can be seen from the basement (if it is unfinished) by looking at the circuit breaker box, as well as what is above you.
If you notice electrical wires and not conduit overhead, any electrical updates you will want to do will need to meet code, which can become very costly to rerun all new wires.
Same thing goes for plumbing – if you notice old metal piping, any repair work or replacements will most likely require the use of PVC piping.
If you are looking at a home and are unsure of your purchase, don’t hesitate to contact a contractor to find out how much that house is really going to cost you.