With home costs down as much as 40 percent from their highs a while back, numerous individuals understand this is the perfect opportunity to purchase a home. Some real estate firms are offering real estate rebates when you buy any home listed in the MLS (Multiple listing Service) on older homes for sale that can match or exceed new home rebate programs. While living in a new home has its advantages, these newer homes are lacking in appeal and personality. Then again, the drawback is that they can be like a money pit. So how do you know whether owning an older home is right for you? Here are five pitfalls of buying an older home.
1. Weak Foundation
Old homes regularly have foundation issues, which can be very costly to repair in the worst cases. When you’re considering an older home, leave the interior for last. The most imperative thing you have to know is down in the storm cellar. To begin with, check the foundation for indications of splits or moving. Then test for mold in the home, as it can be an indication of a damaged foundation and different issues.
2. Electric Wiring Age
Numerous old homes still have the first installed wiring and tube still in place. Despite the fact that it still works, it can represent a serious fire danger, particularly in the garage or room it is stored. Have an electrician inspect the wiring and all components. On the off chance that the home’s wiring is obsolete, consider the expense of updating it.
3. Plumbing Pipes
If the original plumbing is still working on an older home, there could be hidden mineral develop, erosion, or holes in those pipes. Mineral development in the pipes won’t be an issue until you’re attempting to clean the system and understand that next to no water is flushing out.
4. Heating System
Old radiators may definitely have character, yet they’re an extremely costly way to warm the house. Verify how much fuel oil you’ll have to use to warm the house and stay warm in the winter. With all the developments with HVAC systems, it could be far less costly over the course of the year to just have the heating system replaced.
5. The Roof
Having to replace the roof is one of the most costly home repairs you’ll make. Be certain you or a home inspector checks the roof and the attic deliberately for any cracks, leaks, or breaks in the tiles. In the event that the rooftop is more than 10 to 15 years of age, then you need to understand you may need to have it replaced at some point. This is another potential costly expense you have to consider. Don’t forget to visit http://rebatesonrealestatecom for more information about their cash rebates on real estate at closing.