MONEY PIT? DO YOU REALLY WANT A “VINTAGE” HOME?
Dream or Nightmare?
Close to “Downtown” and “Charming”
Dream or Nightmare?
A significant number of my clients approach me with the goal of living close to the city core and in a “period” type home. For Denver that usually means such neighborhoods as Washington Park, Congress Park, Park Hill, Capitol Hill, the Highlands neighborhoods and several others. They are seeking the convenience of living close to where they work and/or recreate as well as the “charm” and anticipated “quality” of the home.
Look behind the facade
Homes in these areas will have been constructed between the late 1800’s and the early 1900’s. (More in another post about “mid-century” homes.) As to “quality”, if the home has not been unfortunately “updated” to a 1950’s or later “look”, the buyer will find some of the sought after ”charm”. However, many of these older homes also come without true foundations, with lead water lines, no insulation “knob and tube” wiring, undersized electric panels and very scary heating systems. Just in my office, our experience is that 20% of these homes have old clay-tile sewer lines that are leaking and discharging raw sewage underground. We have a conversation with our clients regarding these challenges at the beginning of our search. I sometimes (tongue in cheek) recommend the DVD of “The Money Pit” with Tom Hanks and Shelley Long as a fun way to see the worst case.
You can minimize the risk
The best way to minimize (but not eliminate) post-closing surprises is to find an inspector who is not just “experienced”, but who is experienced with these vintage homes. You may need a separate inspector for a vintage heating system (if you expect to nurse it along) and, ABSOUTELY an experienced professional to video the sewer line. Our clients have saved more money as result of a sewer video than for any other identified deficiency. Your broker should be familiar with all of these conditions and have professionals who can help. You will still want to interview several inspectors and even obtain references. Inspections are always important and even moreso if you are jumping into the vintage home market.
Keep a positive attitude!
I recently visited a client who had just completed a $500,000 renovation on an $800,000 purchase and we noticed that a steam heat line was leaking. Her response? “It’s just part of living in an old home!”
Have an experienced broker on your side!
If your dream is to be in one of these classic and interesting period Denver homes and you want to pursue that dream with an Exclusive Buyer’s Agent who can help to make it a great experience, then contact me. russ@buyerbroker-denver.com or 800-621-9747.