Buying Older Home – If the home you plan on buying is older, then there are certain things you want to check. Yes, you should be thorough when purchasing any type of home, but older homes need more attention because the parts have been used longer.
Every part on a home has what real estate appraisers call Useful Life. This is the number of years each of these parts and systems of the home are expected to work. For example, the roof has a useful life of about 30 years. Hot water tanks useful life is about 15 years. This applies to every part of a home and those buying or interested in real estate investing should be aware of these facts.
Buying Older Home
Buying Older Home
Older homes have the potential to have more parts up against their useful life than newer homes, so this is something you want to be aware of. It is our aim here today to give you an idea of the sort of things you want to make sure you check out when buying an older home.
As usual, if you have any comments or insights to add to the discussion, please feel free to do so in the comment section below the article. We love to hear from the readership and usually learn something in the process. No one knows everything about buying older homes, so your input is invaluable.
Structure & Foundation – Older homes have a higher potential for structural or foundation damage. Base on their age, it is bound to happen over time and they have been around longer. You want to make sure these areas are sound because it can take some serious investment to repair this sort of damage to a property.
Systems of the Property – This includes the plumbing, electrical, heating, and air conditioning systems in the home. Like all things that are approaching the end of their useful life, if they haven’t been replaced or repaired in the last 10 to 15 years, then you want to be a bit concerned. These systems will not last forever and need to be changed out to ensure they are in proper working order.
Energy Efficient – Unless the property has been updated recently, then you can almost forget about it being energy efficient. Older homes were not required to have the sort of insulation and energy efficiency of today. The windows and doors tend to be very drafty, so you want to be sure you check on all of this. In addition, the insulation between the walls and attic are usually worn out as well.
You want to be sure you are on top of all these needs before buying an older home. They come with a lot of responsibility. However, these is one way you can protect yourself from all of these traps and more, get an home inspection.
Home Inspection – You will hear us here at Invest With Passion sound like a broken record when it comes to getting an home inspection. I don’t care if you have cash and an home inspection isn’t needed, you need to get one. I don’t care if the seller is providing an home inspector, you need to get one from someone you hired and paid. Don’t be cheap. Home inspectors can save you a fortune by flushing out issues they are trained to inspect and find as professionals.
Let’s hear from you. What do you think about buying an older home? Do you have any tips or suggestions for investors or home buyers out there? Please feel free to share your insight or experiences with us. We are all learning and growing together. – Buying Older Home
I am in total agreement with what’s been stated .However,I do feel that a more detailed list , with “life expectancy” would be add value to this article. Are we in agreement ?Per exemplia,life expectancy of wiring ,copper pipes .
I agree that an independent home inspector is invaluable. You wouldn’t want to be faced with a big repair bill after putting down a big down payment.
That is enough to just piss anyone off. Home inspectors are well worth their money.
The home inspection is critical, because these guys are trained to see the things you and I would miss. A great idea is to hire a home inspector every five years to double-check that nothing is falling into disrepair that you would not notice.
Never considered hiring a home inspector after owning the property for 5 years, but now that mention it this makes total sense. Better to catch something wrong before it goes terribly wrong.
We recommend having your home re-inspected every four years and we give a discount to those that sign up for our program. A lot can go wrong with a home after four years. For less than $200 every four years most home owners can sleep with a lot more comfort.
Jhoe
Wow, your home inspections are only $200….oh, that must be a re-inspection price. Here in chicago the price is double that.
No, our price for a first time inspection is $195 and for Realtors that regularly use us we charge only $175. We provide a well written report with pictures after the inspection.
Now, our pricing is lower than most in our area… but, we’re proud of what we do!
Jhoe
Outstanding! Thank you for coming back and letting us know.
Thanks is great and love to hear when businesses have pride in their work.