Older properties, with their unique charm and character, exude a history and potential that is often missing in newer-built homes. Regardless of the era and style, these buildings offer an undeniable allure, a canvas rich with history and potential, waiting to be transformed into a modern masterpiece.
While older homes afford the opportunity to update them to something more befitting of modern life while also retaining the heart and soul of the building, they can also pose some problems that you won’t necessarily get in newer homes.
And suppose you’re considering purchasing a property that has transcended multiple generations and has an illustrious and expansive history. In that case, it pays to know what to look for and ask about prior to making an offer so you’re not buying a money pit that will be a financial disaster.
They Need A Specialist Inspection
When it comes to older properties, a thorough inspection by a specialist with experience in historic buildings is not just recommended; it’s crucial. This expert knowledge will provide you with the confidence to make an informed decision, ensuring you are not blindsided by any hidden issues.
A specialist inspection for older homes will look for aspects different from standard inspections to account for the age of the building so you get a better idea of precisely what you can expect should you progress with the sale and what condition it is in. Getting a general inspection is not always as good, as you might not find all the problems, and your inspector might be unaware of what they need to look at. At this point, it pays to fork out the extra for a pro in older buildings to give it a good once-over and deliver you a detailed report, leaving no stone or brick, as the case may be, unturned.
Check Structural Integrity
While the phrase ‘they don’t make them like they used to’ is often used to praise the durability and quality of older homes, it also implies that these homes have seen a lot more living and weathered a fair few more storms and other situations than new builds. Due to this, they may have sustained some structural damage that could compromise the building.
Additionally, the land on which the property is built could have moved or changed over time, meaning it is not quite as stable as it should or needs to be for modern buildings.
Check for any obvious signs of damage, such as cracks in the walls, water stains on the ceiling, or uneven floors. These could be due to environmental factors, construction methods or materials used, or general failure to upkeep the building. Make a note of these for your inspection, or check your inspection for notes about the structural integrity of the building.
Check Electrics and Plumbing
It’s not ideal to move into an older property and find out after the fact that it needs an entirely new electrical system. The same applies to the plumbing.
You need to adhere to modern standards for your electrics, especially since many homeowner insurers will not issue a policy for homes without a 200 AMP electrical service.
Ask when or if the electrics have been upgraded. Check walls, sockets, and light fittings for signs of damage or faults, and do the same for the plumbing, too. Ask the questions, turn things on and off, look for burn marks on walls and signs of leaks on floors and walls that might indicate failings in the plumbing system, and pay attention to uncover any hidden issues with these integral aspects of a property.
Hazardous Materials
Homes were built differently in the past, and older homes can be full of hazardous materials that need to be removed. For example, homes built before the 1980s could have used asbestos in their construction.
Asbestos is a highly damaging substance. While in its undisturbed state, it is harmless; once disrupted, it can cause many health issues that won’t be apparent until many years in the future. You should always ask if the home has asbestos so you’re aware of its implications. You can cover up undisturbed asbestos so it can’t become damaged if it’s present. Or you can pay for specialist removal.
Another concern to ask about is lead paint. Lead paint is harmful to people in many ways, including damaging nerves, kidneys, and even the brain; it’s best to understand if it’s in the property to facilitate proper and effective removal so you can live free from hazards.
Pests
These issues can be extremely prevalent in properties that have been vacant or run down for prolonged periods. If no one has been living there (or, in some cases, even if they are), pests could gain access through vulnerabilities in the structure and make themselves at home.
When viewing, you need to be aware of the telltale signs of a pest infestation so you understand the extent of the issue prior to closing and can remedy it or get the current owners to instruct Pest Control services to sort this out before sealing the deal.
Insulation and HVAC
Always ask the real estate agent about current insulation levels or whether insulation and the HVAC system are present. If neither is present, it can be costly to have them installed, especially if you need to move in immediately.
Even if you’re already planning on carrying out significant repairs, understanding what you have to work with so you can obtain accurate quotes can be beneficial. This is because many older buildings lack adequate levels of insulation or a working or suitable HVAC system for modern lives and the environment.
Older homes can be an excellent investment or opportunity to bring a vision to life and transform something with history into a modern masterpiece perfect for current lifestyles, complete with contemporary trends, amenities, and features. If you are looking for a home with character, choosing older buildings is often recommended. However, there are many pitfalls associated with buying older properties that you need to be aware so you do not make a huge financial mistake.
