Here’s everything you need to know when it comes to buying and restoring old properties.
Buying old properties and restoring them back to life is a good investment. With the right moves and strategies, you can earn serious money by doing this.
You can not only earn money by investing into old properties, it can also be a good hobby. For most, flipping a property is a fun investment which allows you to earn and have fun at the same time.
So, how exactly do you flip a property? Unfortunately, it is not as simple as buying a property and restoring them.
The good news, however, is we have compiled a list of tips from the experts. These tips will help you restore any old property and make them brand new.
1. Know your maintenance cycles. Most buildings need tuckpointing maintenance every 50 to 60 years.
2. Match the mortar. New mortar should match as closely as possible in color, consistency, and elevation. Using too much Portland cement in the mix creates hard mortars, which can damage old buildings.
3. Never grind out joints. Only deteriorated mortar should be removed. If someone tells you otherwise, run.
4. Never use sealers. Sealers trap moisture, compounding problems during freeze/thaw cycles.
5. Replace in kind. Damaged masonry units should be replaced whole or via Dutchmen of the same material. Voids filled with putty don’t last.
–Jacob Arndt, Preservation Consultant, Architectural Stone Carver
Bring the (right) people along with you
A contractor can help estimate the amount of work that needs to be done and its cost. But, select the people you consult very carefully.
Don’t feel like you need to bring an inspector with you. At least not right away. “[Inspectors] often don’t have specific knowledge about preservation. They will usually tell you general things like ‘the house needs to be updated.’ And then you’re like ‘yes, of course.’ You need to get more specific in order to be helpful.” – Steven Gambrel via Curbed
Know your strengths—and your limitations.
If this is your first home-buying experience, I’m not going to suggest to anyone that they buy an old home that has a million problems and needs a ton of money put into it. It just doesn’t make sense.”
“Always ask yourself, ‘Do I have the time or the money?’ Because if you have the time then you don’t necessarily need a huge budget and you can pretty much learn as you go.” – Nicole Curtis via Country Living
Maintenance is key
If the old house is still in good condition, regular maintenance can keep it in tip-top shape. Always schedule the cleaning and maintenance of your property—for example, a yearly maintenance of the gutters and roofing will keep moisture from rotting the wood in the house. – Real Living
Know what “restore” means.
To restore a house means to return its interior and exterior appearance to a particular date or time period. Strict restorations—ones that eliminate everything not present during the period chosen—are rare for homes, with most owners opting to maintain modern systems (plumbing, anyone?) and sympathetically designed changes, such as later additions, that add to the house’s history. – Saving Places
Do you have any more tips? Share them with us!