Age of the House
"How old is the house?"
simple answer is this- As a home ages the level of work needed to keep it up is greater and your cost for
maintenance, repairs, replacement, and renovating
will be greater.
age of the premises is a good indicator for anticipating the level of repairs
and reserve funds needed.
Reserve funds is the amount of money required, after closing, moving,
decorating, and other expenses are paid, to
repair immediate deficiencies. Immediate
deficiencies include all needed work within the first eighteen to twenty-four
months of ownership.
immediate items may include: replacing dilapidated bathrooms and
kitchen, re-surfacing worn roofs,
replacing corroded piping, electrical improvements, up-grading inefficient
and old heating and air-conditioning systems, replacing inefficient windows and
exterior doors, correcting walkway and stair trip hazards, correcting environmental and safety
as the age of the house increases, the size of the reserve fund will need
to increase. Depending on the
condition of the premises, for an
average home that is twenty-five years old a reserve fund of 2-3% of the purchase price is
reasonable. Whereas 7-10% or
more is needed for a hundred and twenty-five year old structure.
of thumb are useful
however the guideline for the Northeast Climate must be balanced with the physical condition of the home.
Normal Life Expectancies,
Photo Gallery good guidelines but are not a
substitution for a Professional Inspection.
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