Tips For Buying An Old Home

10 May 2019
 Categories: , Blog

Due diligence is necessary whenever you want to buy any home. It is even more crucial if you want to buy an old home. The following are some of the factors to consider that will help you get an old home that you won't regret buying.

Repair Costs

If you are buying an old home, the property probably has a few defects that you will need to correct soon after purchase. You need to know the extent of these repairs and how much they will cost you. Use the information to figure out whether you can afford the repairs. You can also use the information to determine whether the house is worth buying at the quoted price.

Code Compliance

Many old homes have out-dated installations that don't conform to current code requirements. The owner may have lived with those out-dated codes, but you will need to make the property code compliant when renovating or remodeling the property. Don't forget that code compliance is not just a legal requirement; it is also necessary for your safety.

Maintenance Records

An old property has probably undergone numerous repairs over the years. Ideally, the previous owner or owners also maintained the property regularly. You need to see the repair and maintenance records to help you understand the true condition of the house. You need to know whether and when the plumbing system was upgraded, and the nature of the materials used during the upgrade.

Conservation Restrictions

Some properties are designated as historic houses. Historic houses are old homes that have significant ties to historical figures or events. For example, a house may be designated as historic because a famous writer lived in it decades ago.

Designating a house as historic may increase interest in the property and even increase its value. However, the designation may also cause some complications for you. For example, the authorities will require you to maintain the house in its original condition (style and materials), which may be difficult and expensive. You should have this information before purchase.

Insurance History

Lastly, you should also scrutinize the insurance history of the house. Know how many insurance claims the house has triggered, whether any of the claims were rejected, and whether the property has gone through some gaps in coverage. You can get this information in the Comprehensive Loss and Underwriting Exchange (CLUE) report for the property.

Hopefully, the information above will help you buy a good home even if it is old. Remember to involve a real estate agent in the process to improve your prospects of getting a great deal.