There are a lot of benefits that come with buying a home that is older. For one, these homes tend to be a lot more affordable than ones that are brand new. Older architecture usually has a lot more character to it. Not to mention, you’ll likely be acquiring a property that has everything you could ever need, such as a pool, fence, playset or basketball hoop. These are things you usually have to add to a new build. If you’re thinking about purchasing an older home, there are some things you should keep in mind before taking the plunge.
Walls and Insulation
A lot of older homes could use an update in insulation. With older homes being a bit draftier than houses that were built recently, you’ll want to look into the insulation issue. A lot of insulation products provide you with a tax rebate for that year, so it’s worth the investment. Be aware of the dangers of asbestos and lead paint, as the insulation and walls may contain these hazardous materials. You may want to hire a professional for the job.
Electrical and Wiring
Many older homes require you to do some rewiring in order to bring things up to code or to have enough electrical outlets to provide for today’s increasing electrical dependency. If a house is more than two decades old, there could be potential electrical problems stemming from the wiring. Rewiring can provide a much safer environment to live in. If you’re not trained in electrical code and work, then you’ll need to hire a professional to help you out. This is one job that you want to make sure is done right the first time.
Watch Out for a Short Sale
Some older homes can be listed for sale as a short sale. This means that the house is selling for less than what is owed on the home. A short sale can take over a full year to complete. If your heart is set on owning an older home that happens to be a short sale, you could be waiting for many months. Once you close on the house, you’ll spend more time getting the interior and exterior work done to make it move-in ready.
An older home can be the perfect residence for you and your family. In order to make sure that you’re taking on a good investment, you’ll want to have a thorough inspection performed on the house. This will give you a good idea regarding what type of work would need to be done if you end up making the purchase.