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Buy Lower/Sell Higher www.MoreForMyHouse.com Buy the right older house

Bill Rinehart, Realtor®/Salesperson HomeLife/Kempenfelt-Kelly Realty Ltd, Brokerage Local 705.436.5111 Toll-free 1.877.436.5111

BUYING AN OLDER HOME When viewing older homes, be aware of the building materials that were used when it was built, or that it might have been retrofitted with:

Built in	Age	Materials or technologies of the day*
1977-1985	20-28	Zonolite Vermiculite Insulation
1975-1979	26-30	Asbestos, UFFI, 100 amp Service
1970-1975	30-35	Asbestos, UFFI, 100 amp Service, Aluminum Wiring, Lead paint
1965-1970	35-40	Asbestos, UFFI retrofit, lead paint, 100 amp service, alum wiring
1960-1965	40-45	Asbestos, UFFI retrofit, lead paint, 60/100 amp service
1940-1960	45-65	Asbestos, UFFI retrofit, lead paint, ungrounded/60 amp service, galvanized plumbing
1930-1940	65-75	Asbestos, UFFI retrofit, lead paint, Knob and Tube 30 amp service, galvanized plumbing,
		*Courtesy of HomeAlyze and other sources.

It seems that in each recent decade builders and renovators, with good intentions, have put materials into our houses that buyers are now avoiding. It begs the question: what are we putting into our homes today that future buyers will want to avoid? Should you avoid buying an older home? Definitely not. New houses are like new cars. The buyer who takes the keys from the dealer pays the highest price. The new house has been built with 2005-priced materials, 2005-priced labour, on a 2005-priced lot, with today's high development taxes. The older home was built with cheaper labour, materials and taxes, and its first buyer took the hit for taking the keys. The building has depreciated in value. Why does it cost more today than when it was built? Because the value of the land under the house has gone up faster than the value of the building has gone down.   If you love older homes, as I do, should aluminum wiring, UFFI or 100 amp services be reasons not to buy? NO! If the house "talks to you" when you walk in the door, you'll do what needs to be done, if anything, to minimize the hazards in the house after you buy it. The Home Inspection is an essential part of the buying process. No house is perfect. Every house that sold for the same price that you are paying for yours had imperfections. The Home Inspection will tell you which imperfections exist in the house you are buying. It's not like buying a new fridge from Sears though. You don't get to deduct the costs of repairing the imperfection from the price you are paying for the house, unless it turns up something major. Sometimes the inspection turns up what I call a "fatal" flaw in the house, and the inspection clause in the offer to purchase will get you out of the deal in such a case, assuming your Realtor put the clause in. The average house has a lifespan of 50-55 years. Imagine a house that was built in 1955. Imagine that it has not been renovated or repaired or upgraded in any way since it was built. It would be an unsafe unlivable shack today. Over the years, most houses are upgraded with new technologies: new vinyl windows, new wiring, new roof. Those upgrades lower the "effective age" of the house, giving it a longer lifespan. There is structural decay that occurs with time and exposure to weather, and it requires expensive repairs that often doesn't get done. A crumbling foundation, sagging roof or undermined basement will deter buyers and eventually the house will be vacant and be torn down. A house that is still standing after 100 years has survived those structural decays. It was not a lemon. My own philosophy in choosing an older home is to skip over the houses that are over 30-40 years old, and go right back to the 100 year old houses. The century homes have great character and appeal to many buyers. When they have been upgraded they have great resale value. Century homes are numerous in the Allandale and downtown areas of Barrie. They can be found in the countryside around Barrie, usually on farms or on acre lots. The older settlements (Cookstown, Thornton, Alliston, Bond Head) offer a good selection of older homes with more "urban" services. The real gems are around Schomberg and Lloydtown in King Township, dating back over 200 years to the inception of the United Empire Loyalists "revolution". The area is rich with history. The area is also protected by the new provincial government's legislation to protect the Oak Ridges Moraine, an ancient glacial remnant that includes most of King Township. The legislation prohibits development on the moraine. Under the current rules, whatever you buy in King Township will not be surrounded by new houses. Period. For more detailed information on renovating for profit, home inspections, and other buyer's question, see my Frequently Asked Questions page.

How to Buy a House for Less	Decipher MLS Codes and Abbreviations
Buying a Country Cottage	What if Profit is not your Priority?
First-Time Home Buyer's Guide	See what you can afford around Barrie

Bill Rinehart

705 436-5111

Toll Free 1-877-436-5111