Posted on: 25 June 2018
Buying an aging house is not wrong as long as you follow due diligence and ensure everything is as it seems. You don't want to buy an aging house that only looks good but is actually falling apart. Here are some of the measures to take to ensure the aging house you are about to buy is worth the price:
Ensure All the Systems Are Working
Even if you are buying an old home, at least the major systems and installations should be operational. It is necessary to confirm this because the major systems are more likely to be failing and malfunctioning in an aging house than a relatively new house. This means the heating and cooling system should be able to maintain a comfortable temperature, the plumbing system should not be leaking, and the electrical system should be safe to use. These are the minimal standards that you should insist on, unless you are buying the property on an as-is basis and you have acknowledged all the shortcomings.
Know the Expiry Date of All Major Systems and Parts
Just because the major systems and installations are operational doesn't mean that they will serve you well for the coming days. It might be that these infrastructures are nearing the end of their useful life and you will be forced to replace them soon after purchase. The same is true with parts of the house that have relatively short life terms, such as the roofing system. Therefore, you should know how long that 30-year-old roof will last and how much useful life you can still get out of that 15-year-old heating system.
Inquire About the Maintenance, Damage, and Repair History
An aging home that has been poorly maintained is more likely to fail you than an aging home that has been impeccably maintained. Therefore, you need to know the maintenance history of the house. You need to know whether the owner has been servicing the heating and cooling system on a regular basis, where the house has suffered any flood damage, and whether the past problems were fixed by professionals.
Inquire About Renovations and Additions
Lastly, you should also know whether the home is in its original space or if it has undergone major renovations and additions. If there has been an addition, then you should confirm that the relevant permits were acquired and the addition meets all the code requirements. If there were renovations, you need to know how much they affected the value of the house. Buying a house is an exciting time, and with these tips you can find the perfect old house for you and your family. If you have any questions or are looking to buy soon, contact a local real estate company.Share