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Potential disadvantages of buying an older home

On Behalf of | Aug 3, 2022 | Residential Real Estate |

You’re looking for your next dream house and recent builds just don’t seem to cut it.  You’re searching for something more traditional, and you think you’ve found the perfect spot.

The house is over 50 years old and it’s in a great area.  Character, authenticity and privacy were your prerequisites, and this place has them all.

However, with any house purchase comes a certain level of risk, particularly in older buildings.  Outlined below are some important factors to consider.

Is there a presence of hazardous materials?

Building regulations have changed a lot in recent years, and some materials that were previously used may now be outlawed.  For instance, asbestos was commonly utilized in buildings and repair work throughout the 60s and 70s.  It’s inadvisable to move into a new home that contains this product, without first having it professionally removed.  If a realtor or seller is aware of the presence of hazardous substances like this, then they have a duty to inform you before you commit to the purchase.

Outdated wiring

Electricity makes life so much easier.  There are few modern gadgets that aren’t powered by this type of energy.  Your lights, computers, TVs and other equipment are all going to require a safe electricity source.  Unfortunately, the wiring in older houses can often be outdated and not up to the safety standards of today.  Again, if the seller or realtor is aware that an electrical fault exists in the house, then they should let you know before you commit to buying the property.

An older house can fulfill all of your expectations but you need to make sure that it has been sold in good faith and that there are no legal issues.  Having experienced guidance behind you will help ensure that everything remains above board.

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