You have closed the deal on a charming Victorian home in The Beaches, Parkdale or Corktown! You’re going to love the old-world charm of living in this home. But, you may not love some of the things that come with it.
Historic homes have historically come with a whole new list of problems. As a rule of thumb, they say you should budget 1% of your home’s value every year for upkeep. However, they also say you should add another 30% to that number if you’re in an older home, or live in a Northern city… and your home ticks both of those boxes.
Here are some of the problems you may face.
Roof or Foundation Work
These are the two big-ticket expenses that people who live in older homes will warn you about. This places a lot of importance on your home inspection to spot any major issues before you invest in a money pit.
A new roof will cost you anywhere from $2,000 – $10,000. Considering that your home will be specialty work, you can definitely expect to be at the higher end of that. Meanwhile, a new foundation will cost you anywhere from $4,000 – $12,000.
An Unsafe Garage Door
If your garage door predates 1993, it may not just be loud and clunky, it may be unsafe.
Unless it has been retrofitted with a modern garage door opener, it likely doesn’t have sensors or “eyes” at the bottom of the entrance that reverses the door’s descent if something is in its path.
Those sensors became legally required in the 90s for a good reason. They can watch out for your kids, even when you can’t.
Don’t worry, you don’t have to get a modern garage door that clashes with your old-world décor. You can speak to the garage door experts in Toronto about getting as stylish carriage door that complements the look and may even boost your resale value.
Old Plumbing and Wiring
If the previous owners took immaculate care of the home’s plumbing and wiring systems, that’s pretty good news. But, the bad news is that it will need to be replaced eventually andnow you’re likely the one who bears the financial burden of doing so.
You can’t get ‘just any’ contractor to carry out the work either. Some contractors won’t even give you a quote. In fact, you might run into cable guys who refuse to drill into your home to put in your internet.
You need someone with experience retrofitting homes. and someone you can trust not to wreck its beauty. Re-piping your entire home can cost anywhere from $1,500 to $15,000, while rewiring it can cost anywhere from $125.00 – $4000.00.
These are only a few of the “personality quirks” that your older home may come with. Again, we can’t stress the importance of a home inspection enough. It can help you find any red flags well in advance, which can help you reduce the asking price or simply walk away from a potential money pit.
We want you to wonder what life was like before this home, not wonder what you were thinking when you bought it. So buyer beware!