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Whether you’re into seller finance investing like Rick Otton, or whether you are a more traditional investor, buying an old home can be a great investment especially for those who know how to carry out renovation successfully. Homes such as this are recognized for beauty and historic value hence treasured. Therefore, if perhaps you have one somewhere, maybe that which you bought with your savings while you were still young, consider yourself rich! This is because you can simply add a few fix-up touches to it while retaining its original look and get tenants to rent it at a higher price than its contemporary counterparts. Also, should you decide to sell the house, you can get a lot more for it than if it were a new home. Old homes which have been revamped but still maintain their classic look are highly valued everywhere.
Revamping a house such as this should be easy, less time consuming and brief. Here are a few helpful tips which can guide you through this process;
1) Wood Floors
Wood floors are stylish but varnishing the prevailing floors in a Victorian house might not be an option. However, if they are left uncared-for over a long period of time, they may start to warp and rot. Nonetheless, if the woods are shielded with some floor covering, then they are protected and could be in better state to refinish. You also need to think about insulation which is very important. If there is nothing protecting the floors from unfavourable elements of whether such as cold or extreme hot temperature conditions, the entire house will be uninhabitable during winter or summer respectively. However, you can improve the wood floors by covering them with a sub-floor coupled with an elegant classic mahogany finish or other selection that you might prefer.
Kitchens in old homes may be a little bit trickier to revamp while still maintaining their classic look but there are a few hints that can help you do a great job. Remove every fitment unless you have certain existing fixtures and fittings that you want to retain. If there are any crevices on the walls, see to it that they are fixed up, this will protect them from possibility of tumbling down and better insulate the home. Also, think about rewiring. Most old homes were built during the age when technology wasn't that advanced and due to this, they aren't configured for modern appliances. With some little creativity, draft a plan to determine how everything needs to be positioned. White coupled with stainless steel is a great way to keep the style modern and with some classic look and touch.
3) Porches and Other Spaces
If for instance your old home is one-storey with some classic design, an open wraparound porch can give it charm by adding depth to its exterior. Go for old-style but tasteful posts which can highlight the lifespan of the property coupled with a matching rail. For outdoor wood structures, Cedar is a great choice. If the house does not feature a porch, use canvas awnings which can equally add a classic touch and look because these were also popular in the olden days.
If you want to spruce up your bathroom while at the same time maintaining its classic look, try to incorporate elegant vintage elements for instance old-style ornamental mirror frames and tufted ottomans. All these can create a lively and classic design.
Property investment needs strategy and astuteness. This means you should be able to see opportunities where other people can't. For instance, if you determine that the market for new homes is already saturated, do not just sit there waiting for a miracle to happen, shift your focus to something else like old homes.