There are many solid reasons to consider buying an old house. In a sense, you are buying a piece of history by choosing to invest in a property that has been standing for years, or even decades. However, there are a few crucial considerations you need to think about before you put down your down payment or sign the documents for the property sale.
This blog post will help you truly think about buying an old property by knowing the key things to think about before investing. We aim to have you make the most informed decision about your real estate investment. Read on to find out some of the most important problems you need to look out for when buying an old house.
Investing in an Older Property: Problems to Look Out For
1 – Roof Issues
One of the first parts of a home to develop problems is its roof. Seepage and other problems with the roof may develop over time if it is not well maintained. This is especially true for older houses. Roofing issues that are not addressed may turn into serious problems in the long run.
2 – Issues with Water
Older houses may have metal pipes instead of the modern copper popes that are used in newer homes. The piping system of an older home may also be corroded and full of rust. This is why it is vital to have the pipes checked for rust and leaks in a home inspection.
3 – Electrical and Wiring Issues
Since the wiring of older houses may have been eaten away by rodents or may have been worn away over time, it may become a fire hazard if the wires are not fully checked. Electrical and wiring issues may result in electrical fires if you buy the home without having a full wiring inspection.
4 – Pest Infestations
There may be small animals and rodents that have made a home inside the interior of the walls of the house or in the attic. Pest infestations are definitely something you do not want in a home you are buying, so making sure to check for this type of issue is a must before you buy the home.
5 – Higher Insurance Premiums
It is a good idea to look into how high your insurance premiums are going to be should you choose to buy the home. Keep in mind that insurance premiums on an older home may be higher because of the increased risk to live in the home. However, if the house has been well maintained, insurance premiums should not go up that high.
Buying an old house may be like buying a piece of history if you find the right property to invest in. However, there is a difference between buying an old house that is a treasured artifact that has been well taken care of and investing your life savings in a junk heap that is full of problems that you might go broke trying to fix in the long run. Working with a skilled home inspector will allow you to get to know all the problem areas of a home before you invest in it. This way, you will be able to make the most informed decisions about if it will be a good idea to invest in the property or not.
If you need a home inspection done on an old house you are thinking of buying, Ally Property Inspections can help you! We have experienced and trained property inspectors in Birmingham, AL, and Atlanta, GA who are dedicated to excellent inspection services. If you are in need of a home inspection in Birmingham, AL, contact us today!