The first step to successfully buying an older home is to weigh your
options and decide what features could potentially turn out to be
deal-breakers. What do you look for in a house? What purpose would your
house serve and what kind of furnishings do you intend to use? Answering
questions like these will help clear up any confusion and give you
strong points for or against buying any home. Deal-breakers could vary
from excess expenditure in repairs to the location of the house. Bear in
mind that the level of commitment required to own an older home can be
greater than owning a newer home and being a “renaissance man” may come
in handy.
1. Careful inspection of the disclosure
Buying a home involves a lot of communication between the buyer and
the realtor or seller. If you have a realtor to represent your
interests, it does not mean that you have no part in the dealings or
communication. A realtor would help narrow down prospects that best suit
your requirement. However, careful research on your part is a must and
could save you a lot of money and time.
To start off, you should be a well-informed buyer so be sure to ask
lots of questions regarding the condition and history of the property.
Understanding and inspecting previous repairs and replacements could
help you come to a decision on whether the major concerns are manageable
or feasible. Disclosure statements from sellers are an obligation and
should be carefully inspected to make sure that you are completely aware
of the issues and problems which could affect your purchase.
2. Cost of homeowners insurance
Insurance is essential to safeguard your home against damages that
result from accidents. Additional policies could be added to insure the
house against damages resulting from natural calamities. There are
several forms of insurance which covers various levels of protection to
suit the interests of the owner. Insurance agencies may be skeptical
when it comes to insuring an old house and you may end up paying more
than you expect. Have a candid conversation with your insurance agent
about the home so you can be certain of the cost of insurance before
buying the house and avoid any surprises down the road.
3. Foundation
Older homes are more likely to have problems when it comes to the
foundation. A clear inspection of the basement will reveal possible
cracks and shifts in the frame. Cracks are a bad sign and may indicate
permanent, serious damage to the structural integrity of the home. Old
houses are known for their strong foundation, but with time they may
have suffered serious wear and tear. A thorough inspection should reveal
serious troubles with the foundation – a definite deal-breaker.
4. Electrical wiring
Older homes may need updated wiring, especially considering the high
demands of our electronics hungry society, and rewiring an entire house
may turn out to be painfully expensive no matter how much you love the
beautiful wood work and ornamental designs. The cost and effort of
rewiring the house should be considered before you finalize the deal. If
a house has three-pronged plugs, it hints at a modern grounding.
Presence of other modern safety upgrades such as reset buttons on
outlets could also mean upgraded wiring. However there are many problems
that may go unseen and hence, do not forget to have a professional
inspection done.
5. Plumbing
If the house has original plumbing, then depending on how old it is,
there is a good chance that it’s outdated and will require work down the
road. In case of previous repairs or replacement, the installations
should be inspected. Leaks and clogging are a common problem with old
houses. Just because the plumbing has been upgraded, it does not
guarantee that it is functional or won’t pose future problems.
6. Heating and cooling systems
If you are accustomed to central air and an even temperature
throughout your home, you may be in for a surprise. Replacing the HVAC
in an older home can not only be expensive but it may also not deliver
the immediate changes to heating and cooling that you are familiar with
in newer homes. Older fixtures may also cost you a lot in terms of
utility bills. Older homes can come with radiators which require fuel
oil and may not be practical in the long run. It’s also a good idea to
see a years’ worth of utility bills
Older homes may very well have a properly working furnace but make
sure the person you choose to inspect your home before the sale has
experience with older homes and heating and cooling systems.
7. Roof
If the roof has been previously worked upon, then it is a must to
check for signs of leakage and make sure that any changes to the roof
line have the proper structure under the roof. Moldy wood, drips and
water stains are a clear indication of trouble. If the original roof is
still in place, then there is a good chance that some work will be
required before long – which translates to more time and expenses.
8. Windows.
Old homes come with old windows which may offer poor insulation. If a
previous reconstruction has widened window frames, then the quality of
the work must be assessed. Improper extensions and tampering might cause
problems such as rigid windows and collapsing of the frame under severe
circumstances. Also look for any leaks around the windows, both
original and/or replacement windows.
Keep in mind that replacing all the windows in a 3,000 square foot home will cost in the 10s of thousands of dollars.
9. Extensive repair work
If the house requires extensive repair work, it is going to drain a
lot of your money and time. The return on investment may or may not be
worth the money (remember the movie “The Money Pit” ;). Is it really
practical to take on such a huge responsibility? If you’re handy with
tools and love working on projects, this may be a great opportunity for
you but if you’re more like me, not the handiest guy in the world, this
home that you love my be the end of you or at least your marriage J. You
may feel an emotional connection to the house, but is it going to be
worth the effort?
10. Compatibility between the house and your existing fixtures and appliances
Household items were different back in the day and definitely less
demanding of the house. To ensure that you do not have to invest in a
brand new set of furniture and appliances, make sure that your existing
sets are compatible with the house in terms of size, proposed utility of
appliances etc.
In spite of the hurdles and anomalies, older homes are often worth
the effort. They are unique and elegant with a personality of their own
that will add a lot to your pride of ownership!
Source: http://mlsmaps.com/mls-listings-info/index.php/10-things-to-look-out-for-when-buying-an-older-home
