In purchasing a home, buyers tend to focus a bit too much on the price of a home and do not consider enough the monthly payment. As a buyer, you must be concerned not about price but instead
Problems To Look For When Buying An Older House
When searching for the next house to call home, there's a lot to consider. Opening your home search to older constructions can increase your options, however older homes may be harboring issues beneath the surface. Here are some things to consider (and have inspected) when purchasing an older home.
Foundation and Structural Issues
Due to their age, older homes should be inspected thoroughly for foundational and structural damage. Cracks or unevenness in the foundation can lead to moisture damage, dry rot, corrosion, and shifting of the house. According to Safewise, "Foundation repairs can escalate to over $10,000, depending on the extent of the structural issues - and homeowners insurance won't cover these costs." If you suspect structural damage, be sure to have the building inspected by a licensed structural engineer.
Electrical and Plumbing Issues
Many older homes have their original plumbing and wiring, as updating these systems can be costly. Keeping the original knob-and-tube wiring or the original cast-iron pipes, however, can be a serious safety hazard. Old electrical systems can cause a fire, and old pipes can cause leaks or weak water pressure.
Alison is a native of Washington State who relocated to California permanently in 1994. She had a successful career in education prior to committing to a career in Real Estate. Alison believes that c....
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