If you catch yourself saying, “They just don’t make things like they used to,” we’d guess you have a soft spot for older homes. We don’t blame you! Unique builds or features found in old or historic homes offer character and maturity you won’t see in newer neighbourhoods.
Unfortunately, older homes also run the risk of having deteriorating features that can make insuring them more pricey. Nobody likes an expensive surprise, so it’s essential to understand what condition a house is in before you buy.
When a house enters its Golden Years (50 plus), it’s officially old but can be full of potential—just like people! If you’re in the market for something seasoned, keep an eye out for these key components that can affect your insurance rate:
- Old roofing
- Outdated electrical systems
- Structural or cosmetic damage
- Out-of-date heating and cooling
- Plumbing issues
- Potential fire hazards
- Unfinished renovations
Don’t let this list deter you—purchasing an older home can be a more affordable option, especially in competitive markets like Ontario and British Columbia. When you save on the house price, renovations and upgrades that alleviate risk can stay within your budget. Living in an established neighbourhood with amenities and greenery doesn’t hurt either.
Keep in mind that houses can develop issues at any age. Start by asking questions and knowing what to look out for to make sure you and your home stay safe. Those strange smells and retro wallpaper might be trying to tell you something.
With many factors to consider, insuring an older home can feel overwhelming. That’s where we come in. At Nuera, we eliminate the guesswork and make it easy to choose the right package for your home. We are real people, ready to help. Connect with us to find out more.