When buying a home, especially an older home there are a few main things you want to ensure you keep an eye out for. As hard as it may be to take off your blinders and try to focus on potential negatives and damages, by doing so you could be saving yourself from either purchasing a home you can’t afford to fix or upgrade or purchasing a home you may regret later in life. Here a few of the most important things you should pay attention to and inspect when buying an older home.
Related: New Construction Home vs. Older Home
If the roof hasn’t been replaced in the last 5-7 years you may want to have it inspected. While most roofing materials will last longer than this, some newer and cheaper materials only have a 10-15 year life and thus you may have to budget for a roof repair in the near future.
Any foundation issues are generally a huge red flag in real estate purchases. This can cause extreme structural issues and is generally a very expensive repair often resulting in structural and foundation repairs.
Old electrical is not only less efficient but is often also the source of potential fire dangers. Make sure that all the electrical components, outlets and electrical boxes are inspected thoroughly and up to date.
Related: 4 things to Do Before Moving Into Your New Home
Another potentially costly repair is plumbing. Plumbing should also be up to date and inspected thoroughly as any leaks or old/damaged plumbing could result in mold growth and water damage in addition to the repair bill.
Is the home energy efficient? Generally speaking, older homes are less efficient than new construction and thus could cost you more on your energy bill each month. Try to see if any conservation methods have been implicated or if more energy efficient bulbs and electrical components have been installed.
Are the appliances old? In bad shape? You can easily spend between $200-$1500 on each appliance that needs replacing pending on preference.
Related: What Risks are There When Buying a Short Sale?
Single pane or double pane? Windows are another one of the most expensive repairs/upgrades within a home and thus you want to make sure that the windows will not need to be replaced in the near future unless you budget accordingly. Additionally, single pane windows will result in higher electric bills whereas double pane windows help regulate your home’s temperature better.
Make sure to have your inspector check all areas for potential mold and mildew or water damage as this could mean there is mold present even if not visible to the naked eye.
If you’re currently searching for a new home, are interested in getting more information on building a new construction home or have any general questions regarding New York and Lewiston Real Estate, please feel free to contact our office at any time and we would be more than happy to assist you with all of your Real Estate needs.
Relying on your instanct is tough for most of us. It takes years to build confidence. Frankly it takes more than just happening to happen.