Studies have shown that only 14% of home buyers will buy new homes. 86% of buyers will buy old homes. The typical seller of homes in 2016 was 54 years old.
There is something great about buying an old home- the price is much lower than that of buying a new one. However, while there is a great appeal in the antique wooden floors and the sweepingly large porches, these homes also come with a fair share of problems.
While it is important to compromise when buying a house, too many fixes will be a money sink rather than a way to help you save money.
This article will help you know the issues to avoid when buying older homes.
1. Foundation Problems in Older Homes
This may seem quite obvious, but it is an issue that most people ignore. Therefore, if you see a warp on the floor, avoid that home. Other signs to look for when examining the foundation include:
- The improper latching of windows and doors
- Crack on the wall, especially over the doors and windows
- Flaking and chipping of the floor and windows
If you see any of the above signs, get the foundation inspected by a professional before you buy the house.
2. The Roof Leaks
While septic repair is something you may have to do with old homes, a leaking roof poses a much greater danger.
You need to check for water intrusion during the inspection. Check for stains and water spots on the ceiling. You can also use the time to check for window leaks and plumbing issues.
3. Plumbing Problems
If the plumbing has been used for a long time and the maintenance was rarely done, the charming old home could be waiting to drain your money. Corrosion, low pressure, and leaks may not seem to be a big issue.
However, these seemingly small annoyances could lead to much bigger problems later on. While this is not necessarily a good reason to pass up a good offer, you also need to think about how much the new plumbing system will cost you.
4. The Flood Zone
The home you might have found is the dream design you have always had, but is it next to the river or beach? Is it at risk of flooding? The increasing unpredictability of the rain and climate change needs to be a serious consideration when making a purchase.
Check the FEMA map database or go to the local municipality offices and check the flood zone maps. While some of these maps are being redrawn, the older ones may also offer some insight into the historic risks.
Making the Right Decision
There are a couple of other things you need to look for like the local traffic conditions, the homeowners’ association rules, and the safety of the neighborhood at night. However, the issues listed above will ensure that you do not end up spending more than the value of the older homes when doing a repair.
If you are looking for more information on issues to look for when buying a home, visit our website.