Things to Consider When Buying an Older Home

Do you find the thought of owning an old, historic home alluring? Many homebuyers are attracted to homes with a rich history. While historic homes can be beautiful and full of storytelling material, there are certain characteristics of older homes that some might find very off-putting. Here are some things that homebuyers should be aware of before purchasing an older home:           

Homes older than 50 years old were not constructed with heating or air-conditioning in mind. So you may want to consider the additional cost of installing a central AC or heating unit when determining your financial plan. Other additional costs associated with older homes include repairs or reinstallations of the plumbing and electrical systems. Don’t jump into buying an older home without measuring these costs.           

Historical homes may pose several health concerns due to the outdated methods used to construct them. The majority of older homes have walls coated with lead-based paint. This paint must be removed before you move in, so make sure to factor in this cost. Also be cautious of homes with popcorn ceilings, as there is a chance that they may contain asbestos. There is no such thing as being too careful about potential safety hazards in a prospective home, especially if you have kids.           

You should also be aware of whether or not a home has been registered as a historic place by the local government. While owners of historic homes may benefit from certain tax breaks, they may struggle later on when met with firm restrictions on making changes to or selling the home.

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This entry was posted on Friday, April 26th, 2013 at 9:54 pm and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.