Real Estate 101: What You Need To Know Before Buying An Older Home

Purchasing an older home can be a great investment, but it can also cause serious headaches. When purchasing an older home, there are a few key things that you, as the home buyer, will want to inspect. From foundation issues to original wiring, there can be many problems, which can lead you to waste your time and money on the home.

Has There Ever Been Foundation Issues?

Issues in the foundation of the home, especially an older home, can be costly and offset the savings you got by purchasing an older house. Checking the basement for any signs of cracking is important. Cracks can mean the home has shifted. Have an inspector check thoroughly to make sure there aren’t any major problems that will be expensive to fix.

How Old Is the Plumbing?

If the home still has its original plumbing, consider adding the cost of pipe replacement to your list of expenses. Old, metal pipes will usually have mineral build up, which drastically effects water pressure. Checking for water stains on ceilings is important, as it can also tell you if a pipe is busted, or was previously. This is usually a quick and fairly inexpensive fix, but it must be added to the budget.

How Old Is the Electrical Wiring?

Old homes that have the original wires could be a potential fire hazard. Having someone come in to inspect the wiring is important, as replacing electrical wiring is very costly. If there is any exposed wiring, also consider what it would cost to safely cover the area.

Any Signs of Water Damage or Mold?

Mold can be a very dangerous problem, and very costly, as it can lurk just about anywhere. If the home has any history of water damage, you will definitely need an expert to come in and inspect the home. Water damage can also cause further issues with the foundation.

What Type of Heating Is Used?

With any home, you will want to know whether the home is heated by gas or electricity. Each has their own list of pros and cons, and knowing whether you may have to replace a furnace or radiators down the road is important. You will also want to consider how much it will cost to properly insulate and caulk the home, so you get the most bang for your buck, no matter which heating method is used.

It is always a good idea to get an experienced professional in each of the areas listed above to do an inspection. They will know exactly what to look for, and may even find additional problems you had not even considered before.

Anita is a freelance writer from Denver and often writes about home, auto, family and business. She enjoys traveling with her family when she isn’t writing. Informational credit to Amyotte’s Plumbing & Heating Ltd.