Depending on where you live, many of the homes for sale might be considered "older." Older homes can be a great find, but they come with unique challenges that you must be prepared to handle. If you are in the market for an older home, here is what you need to know to be prepared:
What Are Common Problems?
Even brand-new homes come with their problems, but older homes sometimes have problems that can put a serious dent in your budget. For instance, some older homes have hazardous building materials used on or in their structures. Lead and asbestos are the most commonly found. Before moving into the home, you will need to have them professionally removed to avoid health problems.
There is the possibility that an older home has plumbing damage. A failure in the plumbing system could result in damage to the structure and your furnishings. Although there is a good chance that the plumbing has been updated and is in good shape, you should be prepared for the possibility that it is not.
Other potential problems to look out for include foundation issues, deteriorating roofing, and a lack of energy efficiency with the windows. Fortunately, there are ways you can lower the chances that you break your budget when you take ownership of these homes.
What Can You Do?
One of the most important steps you can take is to get a home inspector to assess the home. The inspector can help detect many problems that could prove to be costly, including roofing issues. If the report is bad, you and your agent can continue your search for a home or you can attempt to work out an arrangement with the seller to handle the repairs needed.
In addition to this, work with your real estate attorney to ensure your purchase contract allows you to back out of the purchase of a home if it does not pass inspection or the seller is not willing to negotiate for the repairs.
Your attorney can also ensure the purchase contract covers all the disclosures that the seller should make. In the event the seller knowingly hid information about the home that is discovered later, your attorney can help you take legal action.
Older homes are a great investment, but you must be smart about which home you buy. Work closely with your real estate agent and attorney to ensure you do not regret your purchase.Share