Older and Character Homes in Victoria BC
An older home in the right neighbourhood is usually a better buy than a newer home in the wrong one. The question is not whether the house is perfect. It is what the work will cost, in what order it has to happen, and whether the finished house still makes sense on that street.
Dallas King spent twenty years in millwork and renovation before he was licensed, running a custom cabinet shop, Innovative Kitchens & Bath, with his father, and building his own house. That is the half of the question most agents refer out. The other half, what a finished home is worth against the comparable sales around it, is the half a builder cannot answer. An older home needs both answered together.
What Is Actually Wrong With Victoria's Older Homes?
Usually a handful of systems, and in each one the obvious problem is not the expensive part.
Perimeter drains. Failing clay or tile is common in houses of a certain age. Replacing the drain is the straightforward piece. Reaching it can mean cutting up a driveway and sidewalks and excavating garden beds for access, and the cost that surprises people is putting all of that back afterwards.
Heating. Oil systems are still in service around the region. A gas furnace, an electric furnace and an electric heat pump are all routes out of one, and the step worth taking first is confirming that gas is actually available at the property rather than assuming it is.
Electrical. A 100 amp service was normal for decades and is tight for a modern house. A service upgrade is its own small project with its own timeline and its own cost.
Knob and tube wiring, cast iron stacks, single pane windows. Each one is a known quantity once it has been found. The risk in an older home is not the condition. It is not knowing the condition.
How Do You Find Out What The Work Will Cost Before You Commit?
Not from a number quoted off the top of someone's head during a showing. In order:
Walk the house with someone who can name the specific work rather than describe a worry. "The basement feels damp" is not useful. "These are the drains, this is how they get reached, this is what gets dug up" is.
Establish what the buyer actually intends to change, because the plan decides which problems matter. A buyer who will never put a suite downstairs does not need the sewer question answered at all.
Get formal quotes from real trades on the items that will actually be acted on. Electrical, plumbing, cabinetry, finishing carpentry, flooring.
Set those quotes against the asking price and against the ceiling for the street, which is the next section.
Dallas King keeps a working list of trades he refers to, and arranges quotes during a subject period rather than after completion, so the numbers are real before conditions come off. He is not a replacement for a home inspection and he still recommends one.
Can You Add A Suite To An Older House?
Sometimes, and what decides it is usually plumbing rather than floor space.
Where the sewer main runs as a gravity feed, a lower level bathroom has to be worked out from the position of the main stack, and that position shapes where the bathroom, and therefore the suite layout, can go. Where gravity does not work, a sump system is one alternative. Neither route is a blocker. Both are line items that need to be in the budget before an offer rather than discovered after it.
What a specific property will support depends on its zoning, on its servicing and on what is physically there. A secondary suite needs a building permit and has to meet code, so the municipality's building department is where it gets confirmed, and the stack question takes a plumber looking at the actual house. Anyone who gives a firm answer from the kerb is guessing.
Will The Renovated House Still Be Worth It On That Street?
This is the question that gets skipped, and it is the one that costs the most when it is missed.
Every renovation has a ceiling set by the comparable homes around it. Spend past that ceiling and the money is in the house but not in its value. There is nothing wrong with doing that on a home a family intends to hold for a long time, and plenty of people reasonably do. What matters is knowing the variable before the money is committed rather than finding out at resale.
Pricing the work is a trades question. Knowing the ceiling is a market question. An older home is the one purchase where both have to be answered in the same conversation.
How Dallas King Walks An Older Home
- Walks it the way he would if he were buying it for himself.
- Asks what the buyer is picturing for the space before offering an opinion on it. Their plan decides which problems are real and which ones do not matter.
- Names the specific work, system by system, whether or not it changes the decision. A vague warning is not advice.
- Separates the thing that is broken from the access and the restoration around it, because that is usually where the real cost sits.
- Arranges formal quotes from trades on the items that will be acted on, so the numbers are real before conditions are removed.
- Sets the total against the comparable sales for that street, so the buyer knows where the ceiling is before committing to it.
He still recommends a home inspection. None of the above is a substitute for one.
I'm not scared of an old home, and my clients don't need to be either. They do need to be aware about what buying an old home means.
Dallas King
If you are looking at an older home in Greater Victoria and want the work and the ceiling priced before you commit, grab a time and we can walk through it.
Dallas King Personal Real Estate Corporation, RE/MAX Generation, 202-3440 Douglas Street, Victoria, BC V8Z 3L5.