6 Things to Keep in Mind When Buying an Older Home
Blog posted On April 20, 2015
Older homes are often coveted for their vintage looks, neighborhood appeal, and handcrafted beauty. Houses today just are not built with the same level of care as they used to be. Older homes were built to last. But be careful before you buy one! Here are six things to consider being taking the plunge with an older home.
Window and Roof Leaks – As you can imagine, older roofs and windows are more likely to leak and not protect against drafts. Check to ensure that the roof and windows are up to standards or work these updates into your budget when considering putting an offer on the property. These updates are usually the two most important updates that should be prioritized immediately.
Termites and Bugs – Homes that have been around for a while have a higher probability of secretly housing bugs and termites. Never buy an older home without having it inspected for termites or other bugs that can severely damage the integrity of your home.
Foundation and Structure – An older home has been through a lot. Therefore, having a professional inspection done on its foundation and structure as a whole is incredibly important. As a buyer, you need to know exactly what you are getting when you put an offer on a property. If the home is one strong gust of wind away from collapsing, consider finding another home. These inspections can reveal a lot about the home and how it will be able to handle natural disasters or events in the future.
Outdated Heating and AC – An outdated heating and AC system could not work properly and also cost you lots of extra dollars when you use it. Make sure you are not wasting energy or money on a system not best suited for you, your home, or your needs.
Insurance – Check with your insurance company how much it will cost you to insure an older home. Often times, with the higher likelihood of issues arising in older homes, insurance costs are higher. Make sure these payments are within your budget before deciding to purchase a more dated home.
Lead Paint – Lead used to be added to paint to increase the drying process as well as maintain the look of the paint for a longer period of time. However, since 1978, lead-based paint has been banned as it has been proven to cause physical sickness and diseases. Make sure the property is checked for this old paint and taken care of prior to moving in (or buying!).
If your heart is set on buying an older home, be sure to keep the above things in mind before jumping into this commitment. Older homes are known for their character and appeal. Make sure you are prepared to take this on and prevent your dream from becoming a headache. Contact a Loan Officer in your area for more guidance on your home financing needs.
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