Older houses (1890-1940)

[Ethan Kohler]

Looking for any insight into purchasing 100 year old houses as rentals. I imagine it would not be that much of an issue if everything has been updated/renovated, but is that not so simple in identifying the underlying condition and materials? Mainly electrical and plumbing. 

I'm wondering if, in general, it may be wise to steer clear of these properties for greater inherent risk. Unless maybe its in a historic downtown district with a lot of potential (which is not the case for what I'm finding). 

Appreciate any comments. 

[Scott E.]

I strongly disagree with the above poster.

(I live in a historic home build in 1959. One of my closest friends lives in a historic home on the other side of town built in 1920. She's owned that home since 2010)

A historic house needs to be looked at the same way as any other house. Before buying, inspect the foundation, sewer, exterior walls, roof, plumbing, wiring, electrical panel, insulation, etc.

Of course, many homes built 100 years ago will have issues with these items. But many of them wont (or if they did, they have been updated/corrected by previous owners).

Another added benefit of owning a historic home is that when it comes time to sell, these historic homes (at least where I live) tend to trade at a premium compared to similar homes in the area.

My advice is:

1. If you are buying a historic house, inspect it like you would any other house. Avoid homes with major issues unless you can buy them at a deep discount.

2. If you're buying a historically designated home, understand the rules and regulations and restrictions that you will face in the event you want to remodel the house or do anything with the exterior