Old Houses Investment Property
Because of security concerns, investors shy away from buying old houses, with big yards, but no electrified security fence. They were built way back when, burglary was not an issue and strangers were free to enter the little gate and ask for directions.
The plumbing might be noisy, not hush hush like new houses, but there are advantages. Call them possibilities. The big yard that wraps around the house makes it easy to do some renovations and turn it into investment property. Example. You can have three separate entrances. Old houses also have massive kitchens you can divide into storage space for three tenants, probably students attending the nearby university or railway workers that are seldom home. Storage? Yes, for rice, pasta, canned food, plates, cereal bowls, spoons, tea, coffee, microwave dishes that sort of thing. It is important to label storage space to avoid pilfering.
It’s an old house, so you need to change the stove. Electricians can set up an alcove for a microwave oven and also convert the basement into a laundry room with washing machines and dryers. Plumbers come in to install showers.
Old houses are dirt cheap compared to some cardboard condos and newer buildings with paper thin walls and depressing decor. Take your time if you see a property with possibilities. Monitor it. You can lower their asking price if it sits there for three months, or more.
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