If you love the character and style of older homes, then you'll probably be able to buy a house for a more affordable cost than if you buy one that is new and modern. When you start looking at older homes to buy, you'll probably notice they come in various states of modernization. You may find an old home that has never been upgraded, which could be perfect if you love the vintage look. You can also find old houses that have been modernized to current standards or that were upgraded decades ago and are out of style again. You'll probably need to do work on an older home to make it more convenient for modern living. However, before you buy an old house, you'll want to check for a few of these potential problems.
Lead Paint And Asbestos
Older homes sometimes had small kitchens that seem cramped today. You may want to knock out a wall to create one large room that combines a family room with the kitchen. If you think you'll be doing renovation that involves knocking out walls, you'll want to think about the presence of lead paint. The current owners may have no idea if lead paint exists in the house since it could be painted over. Lead paint can still be a danger if it is painted over, particularly when you start knocking out walls and lead dust fills the air.
Another potential problem with an older home is asbestos. As long as asbestos is covered with another type of flooring or insulation wrap so the fibers can't float into the air, it isn't a danger. The problem comes when you want to rip out a floor with asbestos tiles. You'll have to hire a contractor licensed for such work and it could be expensive. Even if you don't plan to disturb asbestos, keep an eye out for it when you tour an older house.
You can't tell if a building material has it by looking, but if you see old crumbly floors or pipe insulation that is shredded, you might want to be concerned about the risk of asbestos exposure and expensive cleanup. If you really love a home and want peace of mind about lead paint and asbestos, you can have the house inspected for these problems before you buy it.
Plumbing That's Old And Deteriorating
An old house could mean old plumbing that's crumbling and on the verge of developing problems. You'll want to know if you may have to repipe the home in a few years. You may be able to find exposed pipes in the basement that give you an idea if the pipes are lead, galvanized steel, copper, or plastic. Lead pipes should be replaced so they don't leach lead into your water. Galvanized steel pipes haven't been used for many years so the ones in use are near the end of their lives and at risk of leaking or shedding rust flakes in your water.
Electrical System That Won't Handle Modern Needs
As you tour potential homes to buy, look for the number of outlets available. Older homes usually didn't have very many as compared to newer homes. You probably have a variety of kitchen appliances as well as televisions and electronics, so you want enough outlets to power them all. In addition, check the bathrooms for GFCI outlets. If the home has them, it's a sign the electrical system has had some upgrades. Also, check that the outlets are grounded and that the wiring isn't made of aluminum. You may not be able to determine the state of the electrical system of the home yourself, which is one reason you'll want a home inspection before buying the home.
Knowing what you're getting before you buy can save you from some expensive and unpleasant surprises later on. Buying older real estate has its challenges, but it also has many advantages. The price is more affordable, you can buy a home with personality, and you will move into an established neighborhood.
Share18 October 2017
Once I paid of the mortgage on my house, I decided I wanted to buy an investment property. I had no idea that the buying process would be different, but it really was. There were so many things to consider that I hadn't thought about, and even the loan application process was different. It occurred to me that if I didn't know about it, others likely didn't either. I built this site to help others see what I went through buying my first investment home. I hope that it helps you to approach the process with more confidence and understanding.
