Why We Love Renovating Older Houses
Buying houses and looking at real estate is one of my favourite hobbies. While some of my friends are playing Candy Crush on their phones, I’m obsessively analyzing the latest real estate listings on my MLS app.
Weird, I know. But I can’t help it; I love looking at older homes that are solid but outdated and imagining the possibilities with them.
Truth be told, in my dream life of lives I would love to flip houses.
Despite the ridiculous amount of work involved, there is something immensely satisfying about seeing an older dated space become fresh, clean, new and beautiful again with a little creativity and sweat equity. I suppose it is the same as the way I love to transform old pieces of furniture with paint, just on a much larger scale.
The benefit of renovating an older house over purchasing a new home is that you have an amazing opportunity to add value and equity to your home. It is, literally, sweat equity if you are doing a lot of the work yourself. But in a new home, there doesn’t exist the same opportunity to add value within the same market.
If you’ve been reading for a while then you know that we have recently taken on a second major renovation project on an older home this year. Do you remember the first home makeover that I shared a few months ago? I shared the low budget that we managed to complete this project on – as well as the hiccups we encountered along the way.
We now have this property rented out to a lovely tenant and we hope to keep it rented for several years. It, along with the second property we have purchased that I recently shared with you, form part of our financial plan for our children’s future as well as our retirement.
We are still mid-renovation on that project – and are, in fact, living in it for a few weeks this summer. I have some big projects coming up that I can’t wait to share with you; including how to install new tile, faucets, laminate flooring, and of course the big makeover reveal.
That’s always the most exciting part, right? When you finally get to the end of a makeover and you can sit back and really enjoy what you have managed to create? Not to mention the equity you have managed to build!
Because of my love for real estate, I was super excited about the opportunity to team up with RBC {Royal Bank of Canada} on their upcoming Twitter chat designed to help new and first time home buyers become comfortable with the process and make the best decisions for themselves with regard to the type of home and financing they want to settle on. If you are interested in purchasing a new home or an older home that will soon be new to you, then come to the upcoming Twitter Party this Tuesday, July 14th – from 8:30-9:30 pm.
Submit your questions using the hashtag #RBCFirstHome – you don’t have to be a first time home buyer to participate! RBC has invited a lawyer, realtor, designer, home builder, and home mortgage experts to participate and they will be ready to answer all your questions.
By participating you will automatically be entered to win 1 of 5 Visa Gift Cards worth $100. And you have a chance to win even BEFORE the party, too. Visit here to enter to win 1 of 3 $100 Visa Gift Cards through the RBC First Home Twitter Chat Contest – even before the Twitter Chat.
I will be there, sharing my own questions as well as chiming in with my two cents on other’s questions. My Twitter handle is @thehappyhousie – tag me during the party, I would love to chat.
And leave me a comment today- I would love to know what you think about buying an older home and updating it versus buying new! There definitely seem to be two camps of thought on this topic and I am curious to hear what you have to say about it.
Hey Krista, Lovely blog post. I really love the before and after photograph. Laminate flooring, clean fresh walls and lots of natural light flooding in those windows. Good job!
How did the project turn out? I’m keen to hear or see the reveal.
Great article, were do I start…. I have to admit renovating an older property offers an exciting challenge, and one that I have actively enjoy over the past 10 years. The only real issue, it to make sure that whatever you are developing, please, please make sure you have a through building report first. One of my colleagues recently purchased a house that was built in 1901, and after months of hard work, they realised it had Dry Rot in almost every floor joist. This can be devastating for anyone, especially if time and money has been invested. By in large it is still far more rewarding to bring to life an old property.
Absolutely! I am fortunate that my Dad is a previous building inspector and civil and structural engineer so he is always checks out our houses before we buy!
Krista,
I love the faact that you have lovingly and carefully restored the old property in a new, modern sanctuary. your tenants must love you as you have provided them with a fantastic modern property whilst keeping in alignment the old characters and charms that you won’t find in new build properties.
Do you buy your properties from open market and sell it them to first time buyers. Would be good to know and exchange notes as I live in UK.
I 100% agree, older properties have more character and life. I am constantly visiting old buildings that have been renovated into office space, and most of the character is deliberately hidden away. Sometimes people put modernistic design before history and traditional design. There loss I guess,
Renovating an old house can be cheaper than buying a new one. Aside from it, housewives love to do their duties in designing when renovation takes place. Agree?
Just like you we LOVE renovating unloved and older properties and seeing people use and enjoy them. It’s amazing just how many rented properties are terrible to live in, so not only does the transformation look good and makes a real material difference to people lives.
Keep up the fab work Krista.
At 65 yo I suddenly found myself in the middle of a divorce with nowhere to live. I moved to FL last December and bought a 1940s duplex. It had always been a dream of mine to reno an old home, so that is my new “hobby”. I am living in the apt. that needs the least work and working to restore the whole house to it’s 1940s beauty. Your site is an inspiration to me and I love your diy how-tos. The how-tos on the internet are helping me to fulfill the dream of a lifetime. Thanks for sharing all of your great information.
Hi Kathy! I love your story- I think it is amazing that you have turned a not great life situation into an amazing opportunity to follow your dreams! I’m glad you are finding what you need for how-to’s on this great big WWW!
We must be kindred spirits! We love old, worn out houses, too!! When we were looking for our current one “needs lots of work” was one of the requirements! 🙂 I love following your blog and seeing what you do with all of your projects!
Thanks Heidi! It seems such a shame to pay the price for a house that has been “updated” when you would probably want to turn around and change the way it has been updated, right?
Can’t wait to see the reveal…. I followed your link and went back to take a look at the previous house and reveal – oh my goodness!! It was beautiful, especially the hardwood floors! I couldn’t believe you did the entire renovation for that amount of money!?!? Looking forward to seeing what you do with this house – it had so much potential!
Blessings,
Lanita
Hi Lanita! We are knee deep in the renovation right now, which means I have little time for much else. Everywhere I look these days, I see more work ahead, but I know it will be thrilling to get the project completed. We are keeping to a pretty tight budget on this one too- stay tuned. I have some projects to share soon!!
I’m so happy to see a kindred soul on this topic! I am a “buy old” snob! Lol.
Hi Corinna! There is just something so amazing about seeing the transformation of an old, dated space into a beautiful new home, right? And the character and history is pretty amazing too…