As you probably know, home prices are down by as much as 50% from their peak a few years ago. Now, many people are considering buying a home for the first time or to invest in real estate while they can. As people make this move, more and more of them find themselves presented with the opportunity to buy an old house. Old houses can be money pits, so in order to avoid that ask these five things when looking at an older home.
1. How is the foundation?
If the house has foundation issues, get ready to spend a lot of money. Older homes often have foundation problems. So, save the living room, kitchen, and bedrooms for last. Take a look at the basement and check for mold, signs of cracking, and shifting evidence. If you see that, move on.
2. Is the wiring old?
Some old homes still have their original wiring, which can be a problem. You don’t want to move into a house and find that the entire electrical set-up needs to be redone. Furthermore, faulty or old wiring can be a fire hazard.
3. How is the plumbing?
If you are told the house still has its original cast-iron pipes, you really need to think about replacing them because there is likely corrosion, leaks, or some build-up. Get the plumbing closely inspected before even thinking about moving in.
4. What kind of heat is there?
Are there old radiators? How much fuel oil will you need to heat the house? Is there central heat and if so, how old is the furnace? Remember, replacing a heating system or furnace can be really expensive.
5. How is the roof?
The roof is a must-see. If there is roof damage, it will definitely be a headache later on. Check the roof and attic for leaks and signs of damage. If the roof is more than 10 years old, be ready to replace it sometime in your lifetime.