Four Things To Look Out For When Buying Older Homes
Posted on: 22 December 2016
When investigating homes for sale, you'll almost always find yourself looking at some older homes. Older homes have a charm that's often not found in new constructions, but they can also have a lot of problems that are expensive to fix. That doesn't mean that you need to dismiss them outright -- but if your agent is willing to show you some older homes, you might want to keep these things in mind.
1. Additions Without Permits
It's very common for older homes to have build-outs and additions that haven't been properly permitted. When this happens, there are a couple options. You can pay the money to get the permits now, but it's very unlikely that the additions will pass inspection -- if they were done when the house was older, they probably aren't currently up to standards. You can also ask the seller to pay money to tear down the addition entirely. If the addition is not permitted and cannot be permitted, it's not likely you will be able to keep it.
2. Lead Paint and Asbestos
Both lead paint and asbestos are not used anymore, but they were used prior to the 1980s. In fact, they were used very often and are extremely commonplace. And though people may have been living in these homes without any health issues yet, that doesn't mean you won't experience problems. Both lead paint and asbestos only really become dangerous when they are disrupted -- such as during a remodel. You will need to consider the cost of removing these materials in the cost of the property.
3. Built-In Features
Older homes had many, many built-in features. For some, this is fine -- but many homeowners actually loathe these built-in features because they need to be ripped out. An entertainment area, for instance, isn't likely to fit a modern television. You may need to include the cost of ripping out some of these features in your bids.
4. Missing Features
On the other end of the spectrum, there could be things that you don't notice are missing until it's too late. Homes that were built in the early 1900's and late 1800's may not have closets, for instance; instead, everyone relied upon wardrobes for their clothing. Homes built in the early to mid 1940's may not have a dining room at all but instead might just have a kitchen. These are issues that may not be easy to correct.
Because of the above issues, there are many agents who won't even show homes that are more than two or three decades old. But looking for an older home can also be a way of saving money, as long as the home itself is built well. By educating yourself on the potential risks, you stand a better chance of finding a solid investment. Just don't forget the inspection!
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