Why buy an old home? Well, if you’re okay with the aesthetic aspect of this (perhaps you may even prefer it), buying an old house might not be a bad idea from a financial point of view. However, the problems with old homes transcend the rustic looks (again, some people prefer this getup) and lie in the fact that these buildings are, well, old. Market research, of course, goes without saying here – without dedicating a great deal of your time to this part of house hunting it might not pay off. So here are some common issues to keep in mind when browsing old homes.
Home Foundation and Sill
The main problem with a home’s foundation is that a couple of settlement cracks can indicate anything ranging from benign issues to a potential disaster – it is the backbone of the building, after all. Foundation issues are either repairable (but expensive) or beyond repair, which means that the first signs of these issues are an instant red flag!
Sill plates are even worse, especially with older homes. Essentially, the sills in a building start turning increasingly susceptible to water over time due to a variety of insects and other external elements. The sill is something the entire structure sits on – it’s the link between the house and the foundation, meaning that a damaged sill plate is an even bigger red flag!
So, how do you handle this? Well, unless you are a pro, you are best off hiring one – a qualified inspector should do the trick when it comes to dealing with potential roofing issues.
Although the signs of a severely damaged roof that’s in dire need of repairs are pretty obvious, there are ways to hide these problems, and in case of old houses you should definitely do a thorough roof inspection. Sure, missing shingles and moss are definite signs of deteriorated roofing, but adding new shingles over the entire roof isn’t the right solution here, yet, it might make it look completely healthy. This is exactly the scheming and conniving home owners are often going for in order to sell their property. You need a professional here too, someone who will be able to see through the make-believe.
Asbestos!
Although it wasn’t considered hazardous waste in the past, asbestos is very much a health hazard. The EPA didn’t ban the substance until 1989, when word got out that asbestos fibers tend to lodge in the lining of the lungs when inhaled, causing a deadly type of cancer over time. This means that old homes that are potential asbestos hotspots still exist, and according to waste classification, asbestos is very much a hazard!
Have your target home thoroughly checked for this dangerous substance and think twice about buying a home that needs asbestos removal, as this is quite a costly procedure.
Keep in mind, that asbestos may seem like something benign – for example, dull linoleum flooring may well turn out to be asbestos!
Bad insulation
The importance of quality insulation transcends comfort – the fact that it keeps the hot/cold air inside means that there is less need for extensive heating, directly leading to more convenient billing, in addition to helping with sound insulation! Unfortunately, completely non-insulated old homes are very common, meaning that they will need floor, wall and ceiling insulation and this can set you back a lot! Typically, no matter how awesome every aspect of a home is, if it comes without proper insulation, it is not worth the money.
Finances
We all know that buying an old house can be a real financial challenge. That means that you should prepare yourself for large investments like repairing the roof, fixing old pipes, replacing doors and windows and investing in new house design. You have to create a home renovation account calculating at least 2% of your purchase for maintenance or simply cut out of your monthly budget. Getting a loan can be a good choice but you have to be careful when it comes to dangerous junk insurance that can go with many financial products sold by banks. That can save you money in a long run and prepare you for potentially other home renovation surprises.
Even if an old home might appear as an awesomely affordable investment, it can easily turn out to be a place that hemorrhages money. When browsing old homes, pay special attention to the foundation and the sill plate, the roofing, hazardous materials such as asbestos, as well as wall, floor and ceiling insulation.
Why buy an old home? Well, if you’re okay with the aesthetic aspect of this (perhaps you may even prefer it), buying an old house might not be a bad idea from a financial point of view. However, the problems with old homes transcend the rustic looks (again, some people prefer this getup) and lie in the fact that these buildings are, well, old. Market research, of course, goes without saying here – without dedicating a great deal of your time to this part of house hunting it might not pay off. So here are some common issues to keep in mind when browsing old homes.
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