Top 3 Considerations When Buying an Older Home in Edmonton

Stepping into the world of homeownership means making some tough decisions. For example, should you choose modern convenience? Or should you appreciate the allure of timeless character that an older home provides? Homebuyers who value the charm and history of a building will lean toward older homes. While original façades and creaking floorboards may seem romantic, they may also have an impact on your house insurance. If you’re moving to the Edmonton area and are looking to buy an older home, these three considerations may influence the type of home you purchase. 

1. Structural Integrity and Renovation History

One of the most important factors to consider when buying an older home in Edmonton is to assess the structural integrity of the property. Older homes may have undergone substantial renovations or modifications over the years. Understanding the history of these changes is crucial to verify whether your potential new home has the proper upgrades or whether you’ll need to invest in improvements. 

On the other hand, older homes may be out-of-date and in dire need of upgrades. That type of work can excite some buyers or be a serious cause for concern for others. Home renovations aren’t exactly gentle on the budget. It’s a good idea to hire a professional home inspector to examine the home you are interested in thoroughly. Understanding the condition of these elements will help you anticipate potential maintenance or renovation costs and ensure that the home meets current safety and building code standards.

2. Energy Efficiency and Upgrades

Modern houses have energy-efficient solutions built right into the home, making sustainability an achievable goal. With older homes, there may be components that are less energy-efficient than newer builds. Lower efficiency can impact your comfort and your utility costs. It’s a good idea to have your home inspector evaluate the insulation, windows, and HVAC system to determine efficiency ratings and potential upgrade costs. 

If the previous owners have upgraded any of these core systems, you’ll consider that in the price and the desirability of the property. You can also check for any government incentives or rebates available for energy-efficient renovations, which can help offset some of the costs if you plan to take care of the home improvements yourself.

3. Neighbourhood and Zoning Regulations

One of the reasons why you might be attracted to an older home is the neighbourhood. Older homes are often located in older neighbourhoods where the properties can be larger in size, and there are preferable amenities close by. You may consider long-term plans with dreams of building a garden suite or even subdividing your property for other family members or rental opportunities. It’s important to know your neighbourhood boundaries and the city’s zoning regulations before making a purchase. 

We recommend thoroughly researching the neighbourhood, learning the local zoning rules, and talking to your real estate agent before purchasing an older home in Edmonton. With such a significant purchase, you want to ensure you’re well-informed on your decision. Additionally, consider the proximity to important locations, such as schools, public transportation, your workplace, and other factors that contribute to the overall desirability of the location. 

Historical Designation Buildings

Is the home a designated historic building? If so, you’ll want to become familiar with the city of Edmonton’s rules and regulations regarding caring for and upgrading these types of homes. Historic districts or neighbourhoods may have specific restrictions on renovations or exterior changes to maintain the area’s character. Being informed about the neighbourhood and zoning regulations ensures that you buy a home that aligns with your lifestyle and future plans.

How an Older Home Can Impact Your Insurance Options

Buying an older home can be a rewarding experience, combining historic charm with unique architectural features. However, you’ll also want to consider how owning an older home may impact your house insurance options. At Cornerstone Insurance Brokers Ltd., the first things we factor in for home insurance coverage are the location of your home, the cost of a rebuild, and any additional insurance needs you may have. 

Some of the additional insurance coverage options that our clients ask for include the following: 

Do Older Homes Cost More for Home Insurance? 

Whether or not you add extra coverage, the primary reason many older homes have higher insurance costs is the cost to rebuild. Any systems that aren’t up to code will impact the estimated price of a rebuild. Building materials that are no longer available will also increase the rebuild costs, possibly even higher than the value of the home. In this scenario, we recommend meeting with one of our insurance brokers to find the best policy for your needs. We’ll consider a number of factors and keep you informed throughout the search. 

In some cases, home upgrades or safety additions may improve your insurance premiums. You may also have options to bundle your insurance, which can provide you with better rates. Our insurance brokers work in your interest to provide you with the best coverage options available from our network of trusted and reliable Alberta insurance companies

How to Find the Best Home Insurance Rates

Finding the best rates for the right coverage requires patience and persistence. Contact several insurance companies to compare and contrast the coverage they offer with the premium rates. Feel free to ask questions to gain personalized answers. The right company will take the time to explain everything you need to know about home insurance policies.

When you’re short on time or simply want an expert to help you set up your insurance, work with an experienced insurance broker. We take care of the phone calls, emails, and paperwork so you can save yourself valuable time and receive the best coverage possible.

House Insurance in Alberta

When shopping for home insurance in Edmonton, Spruce Grove, St. Albert, Sherwood Park, Leduc, and surrounding areas, you want to find the right policy for your needs. At Cornerstone Insurance Brokers Ltd., we shop for policies on your behalf to compare quotes and present you with options that match your needs. Contact our team to get your home insurance quote and peace of mind.

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