Fixer-uppers, renovations and old houses

I was reading an article in the Inquirer the other day (Dec. 9, section E (business)) about fixer-uppers being where you will find value in this market. A couple of points rang very true. First off, we should realize that in this mature area, we are more likely to be in an older home than new, but the points should be considered if shopping for a new home or considering renovations.

First, you can often buy "more home" since it should be priced to sell for less than a corresponding new or freshly renovated house, and can put your personal stamp on it more easily. Actually, you will probably have to put your own stamp on it, since there is always work to be done! This may not be a pro, depending on how handy you are.

The character issue: the styles are often historic or common to a community, ie, the bungalow styles common to our area, Victorian, older colonial and even the split levels so endemic to the region. With a 4th floor, there is tons of room for familys in the splits. Older homes often have more interesting windows, rooms, trim, porches etc, than cookie-cutter production homes. You can often buy a smaller home on the bigger lots (parts of Rydal and Roslyn are like this), letting you add on at ground level. And you will be part of an established community, sometimes with several generations of families still there. And best yet, you may be closer to a town center and all the amenities than out in the boonies.

With all that said, you still have to weigh the amount of work requried with the benefits. Look carefully at the electrical and other utilities service, condition of the HVAC, windows, water damage, roof, and other critical components. Just run-down or older can often be fixed up with a new kitchen counter or coat of paint, or light fixtures, where the big stuff is what will be expensive.

Lastly, live in a place for more than a year before you add on, just to really understand the flow of the house and what the real needs and opportunities are. It may surprise you,and end up putting its stamp on you!