Investing Trends

When it comes to architecture, old houses hold an allure and history that is mesmerizing in its own right. Whether an old home remains intact through past battles and wars or has withstood the awesome power of Mother Nature, the construction and period detailing of an old house is one that is quite appealing to a homebuyer. For some, a small amount of pocket change can obtain an abandoned or unused residence with the aim to turn a sizable profit.

You can make a bit of extra cash or start your full-blown business by scanning for 'diamonds in the rough' by checking a few common resources. One of the most helpful places to start looking for a potential old house is through the National Register, which lists an array of homes that are no longer in use. These vacant beauties still have more than enough life left, and are sometimes wasting away as storage space or falling apart at the seams due to neglect. Also, since properties on the National Register list hold some historic value, they are more likely to attract the interest of a wide range of potential buyers, including individuals, museum curators, and organizations.

Sometimes, a rundown old house only needs a little tender loving care and a motivated individual with enough drive to tackle an involved do-it-yourself home improvement project. Many people have spent time fixing old houses, restoring their allure and detail, and upgrading basic features.

While some old houses need a complete session of revamping, others require less-involved maintenance and repair, such as a new porch, re-framed windows, or a fresh coat of paint. Before fully committing to the purchase of an old house, it is important to access the expected costs of repair you will face. Houses that need a complete reworking of the plumbing system, a new second floor, or rewired electricity may pose a price tag a little out of your budget.

Paying a full professional to conduct an assessment of a potential property may prove well worth the cost. You never know when a house only calls for minimal repair that will boast major benefits in the future. For example, one may purchase an unused and abandoned National Registry house for about $12,000. Restoration costs could range from thousands of dollars to more than $150,000 but the payback could turn out unimaginable. Some people have resold fixed-up old houses for more than $500,000. The repayment in capital is priceless.

Spreading the Word

Taking out a newspaper ad is a great way to alert the public that you have a restored home to share. This may interest organizations looking for a place to build a museum or hold their activities and events. Choosing a realtor that specializes in such houses will also know how to effectively market the sale of your revamped property through heavy visual techniques. In the end, you will make money from a project that may turn out to be a rewarding, life-changing experience and one you can create a lucrative full time business out of.