The chance to make a space our own isn’t an opportunity that comes along every day. The thought of how best to proceed can be a little daunting. When faced with limitless possibilities, it’s only natural to feel torn between one choice and another.
The most common enemy of making a decision is a lack of perspective. When faced with all the possibilities an old house has to offer, it’s important not to rush. Careful consideration of where you are in life and how your old house could benefit you is step one.
If you’re wrestling with ideas and are looking for inspiration, we’ve got you covered. Read on to find out more!
Your Inherited House and You
No matter how you’ve come into ownership of an old house, the result is the same. You’re most likely feeling overwhelmed at the prospect and don’t know where to start. Possibilities abound, each one fighting for your attention.
An old house can be a blessing, but without a strategy to avoid potential stresses, it could become a curse. Before getting ahead of yourself, it’s important to relax and take the time to feel thankful. There’s no rush, allocating time specifically to ponder potential ideas and directions will serve you well as you progress.
Starting with a solid idea of your end goal is a strong foundation to start with. A pen and paper will come in handy to get your thoughts in order. In the beginning, don’t hesitate to write down whatever pops into your head to consider later.
Brainstorming
While looking ahead and pondering what path the future might take, allow yourself to explore every avenue of possibility. Write down every thought that comes to you without scrutinizing it too much. Getting snagged on every idea and where it might lead will slow you down.
It’s all too easy to become preoccupied with a single idea. When that happens it becomes impossible to see the wood for the trees. Before you know it, you’ll have discounted all kinds of directions before you’ve had a moment to consider each of them properly.
After you’ve put pen to paper and allowed yourself the freedom to jot down whatever thoughts come to mind, relax. Take a moment to make a coffee or grab something to eat, rushing will only feed your anxieties. Once you’ve rewarded yourself with a snack and are feeling content, it’s time to look over your notes.
Considering Possible Futures
With an old house, the future is yours to decide. We often overlook and undervalue how precious a resource space is. No matter the type of house you’ve found yourself in possession of, you’ve got space to play with.
If you’ve never had space of your own before, this can be a heady realization. Dreams of pursuing particular hobbies become reality. Thoughts and ideas about crafting rooms to suit your nature are suddenly within reach.
The point is to let your imagination run wild for as long as it needs to before making your decision. Your options aren’t exactly sparse, so it’s worth taking all the time you need to consider what will make you happiest. Renovation and making a rental property is always an option in the end if things don’t work out as imagined.
Life Without Rent
There’s a lot to be said about escaping from the pressures of having monthly rent to pay. A large chunk of most people’s money goes directly into the pockets of their landlords. A common strategy people use is to allocate 30% of their income to rent.
You might want to consider what a positive impact saving that money for yourself could have. A little more spending money can go a long way in regards to improving quality of life. Simply escaping from the stresses of knowing you have to pay rent is an improvement in and of itself.
If you choose to move into the property you could use that money to renovate, instead. Within a few months of spending that money on materials, you could transform the space into something completely different. In the end, your improvements will add to the value if you ever choose to sell a house, so think of it as an investment!
Making a Rental Property
The other side of the coin when it comes to not having to pay rent is becoming a landlord yourself. The thought of having a reliable income from renting your house might be more seductive than living in it yourself. There are a couple of things to consider if you decide this route is for you.
Tenants will often contact you when things go awry, meaning they expect your time and assistance if something goes wrong. People living in your home could decide not to treat it with the respect you might hope for, either. The damage done to a home that you’ve decided to rent in this scenario could be considerable.
Whatever money you make renting may have to go back into the building for cleaning and repairs. On the other hand, if you find tenants who are respectful and kind, you’ll be turning a tidy profit at the end of each month. Weighing the pros and cons of every option thoroughly is always worth the time to do so.
Selling an Old House Outright
The decision to take a lump sum for your property is also a valid choice. If you don’t have any use for the extra space or don’t want to renovate, this could be the best option for you. Reputable home staging services exist to help people to do exactly that.
Renovation involves a lot of time and effort, and the risk of potential stress if things don’t go as envisioned. Renting also has its pitfalls and can sometimes become more effort than it’s worth. Sometimes selling the property to make use of the cash elsewhere makes the most sense.
If you’d prefer not to invest time and effort into an old house and sell it as it is, professional house buyers are a safe bet. These services offer a speedy turnaround so you can get on with your life as fast as possible. In terms of a no-fuss option, you can’t get much better than that.
Necessary Home Renovation
If you decide not to sell, the chances are you’re going to have to set aside time and money to fix an old house up. A house that hasn’t been lived in for a long time will fall into disrepair. If the house was owned by an old relative and you’ve inherited it, your situation might be similar.
Towards the end of their lives, older people lose the interest and ability to maintain their space. If you’ve been handed a home that was owned by an older relative, you’ll probably need to spruce the place up a bit. Take a good look around the house and take note of anything in need of replacement.
The aesthetic value of the inside and outside of the house counts for a lot. The general feeling of a house changes drastically depending on decoration and the age of amenities. Fixtures and fittings all add up, so ensure you know what you’re getting into by making a list while you inspect its condition.
Making an Old House Feel New
It takes a lot more than a lick of paint here and there to do the job properly. Before new life can be breathed into an old house, the old must be removed and discarded. Wallpaper and carpets are a good place to start, as they occupy a large area.
Changing outdated kitchen cabinets and worktops goes a long way toward refreshing the general feeling, too. Everything that wasn’t constructed of the highest quality when the house was built will probably be a little worse for wear. If you’re fortunate, you might be lucky enough to find things like hardwood flooring hiding under the linoleum.
Solid wood and old-school cast iron fixtures can add significant value if they’re still in good condition. Remember, in some cases, a thorough cleaning does twice the job of replacing with modern alternatives. Keep an eye out for anything with an air of antique solidity and make a feature of it rather than throwing it away!
Airbnb and Similar
Depending on the size and location of your property, it could be worth considering turning it into a vacation property. Sites such as Airbnb allow you to make a listing of your rooms and rent them out separately. Charging for a night at a time is often a lot more lucrative than having permanent tenants paying monthly.
Of course, this means a lot of cleaning and administrative work. You’ll have to talk to each guest as they arrive and approve or deny their booking requests online. This is a full-time commitment if you’re not going to hire someone to do the work for you.
In terms of making money, this is a good option if you’re looking to turn your property into a job. Make no mistake though, it’s a lot of work and by no means an easy option. Ensuring the house is spotlessly clean and maintained is only one headache of many.
Private and Personal Space
The desire to have a space untouched by others is one we all had at one point or another. It’s a luxury not many are fortunate enough to indulge in. If you’re not in dire need of an increased income, this is an option worth considering.
Today’s atmosphere is one of constantly trying to get ahead. Now more than ever people chase status, fame, and clout over all else. Privacy and seclusion aren’t valued or touted as something worth having, as they’re directly antithetical to the message modern media shouts from the rooftops.
Instead, imagine your house as a bastion of peace quietly hidden away from the world and its inhabitants. For your eyes only, you can be free to express yourself and your individuality away from all judgment. Create an island for yourself and you might find that your newfound space is worth every penny of lost revenue.
Thoughts Of Family
Inheriting an old house could be the foundation you need to start a family. Owning property with sufficient space to house children is a huge benefit. Allowing each child their room without having to share is ideal for their personal growth.
Personalizing an entire home to enjoy it as your family grows is the dream for many. You’ll never regret having somewhere safe to raise children and bond as a family. There’s a reason the white picket fence is a staple of the American dream.
A house becomes the center of things. Birthdays, holidays, and other meaningful moments all need a place to happen for fond memories to form. The home you create will be a shared comfort for generations to come, and the glue that keeps your family together.
If You’re Unconvinced
Dealing with any kind of property can invite unexpected headaches into your life. If you’d rather not expand your family or deal with tenants, selling is always an option. The hassle-free alternative is always worth considering, especially when it means lining your pockets!
At We Buy Houses Memphis, we’re here to help. We specialize in buying property and would love to talk to you about your old house. If you’re interested and would like to find out more, you can contact us here!