Factors to Consider Before Buying an Old House
Factors to consider before buying an Old house
Buying an old home is like buying an old car. You must understand that you will have to pay extra attention and extra money into keeping it well maintained. It will have issues that you won’t find in a newer home, but that does not mean it is not worth it. For buyers who are looking for a cozy and old styled home that has a unique touch, it can be very worth it! There are just a few factors you must consider and be prepared for.
Old or Substandard Plumbing and Electrical Wires:
It is important that you know the state of the plumbing and wires before buying an older home. Rewiring and renewing plumbing is expensive and can take a long time to do. Ask the right questions upfront. When was the last time they replaced it? Is it up to code? At the end of the day, you must not forget that this is an older home and no matter how strong it was built it will still degrade over time.
Foundation and Structure of the House:
The foundation and structure also must be checked. Keep your eyes out for any forms of cracks, unevenness on its foundation. Cracked tile, visible wall cracks, and uneven floor are all signs of a foundation problem. Be sure to not overlook these things or write them off as an “easy fix”. These types of repairs can cost over $10,000, keep that in mind when negotiating the asking price.
Possible Hazardous Materials and Leaks:
Another problem you may face in buying an old home is it may contain hazardous materials or gas leaks. Asbestos and lead paint are most often used in old homes. Before it as banned Asbestos was used as fire retardant in buildings. Lead paint is expected in old homes because it was used commonly before. To help fit this into your negotiation, research the cost of removal of these materials. Most importantly, just be sure that all hazardous materials and leaks are taken care of before moving in.
Non-functioning Alarms and Detectors:
Fire alarms and detectors are required in every home so be sure that the home is equipped. Being that this is an old home, if there are alarms and detectors, chances are they need to be updated. These systems now are able to be connected to most smartphones, which is very helpful, especially if you start trusting your kids to be home alone at some point!
Moisture and Roof Leaks:
Make sure to check the roof upon inspection. This may be a hassle so bring someone who can do a thorough inspection for you.
Look for any signs of moisture or staining and ask if the house has any gutter problems. If you live in an area that rains often, this will definitely be a huge issue. Bad roofing will cost you a lot of money, so it is best to be prepared and factor that into your decision in purchasing the home.
Insulation is very important especially during the winter months. Be sure the check the insulation and be sure it’s in a good place and that a replacement is not necessary. The last thing you want to do is pay full asking and on top of that have to buy a big heater for the whole house.
Pests and Rodent Infestation:
Older homes are prone to having issues with rodents and/or pests. You can ask that the realtors do a thorough pest control and extermination before you move in. Make sure to ask this before you purchase the home. Doing this yourself can cost you big bucks, and keep in mind that if there is a problem when you move in, you will most likely have to keep up with it throughout the years.