Buying an older home can represent an excellent value while also providing you with a historical property. However, it is a reality that buying older properties can represent a number of unique challenges. In order to help you protect yourself against some of the more common oversights that individuals make, you will want to be aware of the following steps when you are evaluating buying older or historical properties.
Have the Home Tested for Lead and Asbestos
It is an unfortunate reality that lead and asbestos were commonly used in older homes. As a result, there is a chance that some of these substances may remain in the structure. To help protect yourself against exposure to these harmful substances and the expensive costs of repairing these issues, you will want to make sure that you have the property thoroughly tested by professionals. These professionals will take small samples of the various components of the home where these substances were common, such as the paint and insulation.
Pay Attention to Common Trouble Areas for Older Homes
As homes age, it can be common for certain parts of a structure to be more likely to sustain damaging wear and tear. This will often include the window frames, roof, basement, and plumbing. To help ensure that you are aware of these potential problems, you should have an independent professional perform a comprehensive structural inspection of the home. These inspections will alert you to any code violations or structurally significant damages that will have to be addressed. While these inspections may add time to the needed duration of the transaction, they are some of the best steps that you can take to protect yourself.
Attempt to Negotiate the Inclusion of Upgrades and Repairs When Discussing Buying the Home
In instances where there are significant problems discovered during the lead and asbestos tests or the home inspection, you will want to make sure to include the expenses of these repairs in your bids. While many sellers will be receptive to either making these repairs or discounting these expenses from the price, there are some that may refuse these accommodations. When this is the case, you may need to consider looking at other properties, as the cost of repairing this damage can be extremely high. Additionally, you will also have to pay for lodging during these repairs, as it is unsafe to be present when the asbestos or lead are being removed. If you are not skilled at negotiating, you will want to make sure to retain the services of an experienced real-estate agent, as they will be familiar with negotiating real-estate transactions that involve relatively complicated repairs.
Talk to a company such as Dave Kaercher Team - RE/MAX Real Estate Group for more information.