There are a lot of benefits of purchasing an old house. First of all, it’s almost always a less expensive option even when you include the cost of the fix-up. Secondly, the quality of construction is usually excellent which is proven by the fact that the home has lasted that long. Lastly, there’s a charming rustic feeling to these properties that many find appealing.
However, it’s important to note that these homes often come with many issues that will require the owners’ attention right away and be expensive to fix. Keep in mind that those costs could be deducted from the price of the home.
Asbestos
Australian contractors used asbestos all the way to the ‘80s until its dangerous effects were proven and it became illegal to do so. It’s imperative that you ask (and check) if asbestos was used in the construction of your property.
If this is the case, there’s nothing you can do but tear the walls down and build new ones. This is a large project and many choose to give up on the property in this kind of situation.
Foundations
Old properties often have problems with the foundation due to their age. These problems could be something as simple as having some cracks develop over time or they could be rather complex as the foundation sinking into the ground. This is the first thing you should inspect when you’re purchasing a home.
It’s quite possible that cracks don’t need to be fixed at all since they don’t jeopardize the safety of the home. However, if the problem is bigger than that, you might have a large construction project on your hands that will greatly add to the cost of the home.
Air quality
Air quality isn’t an issue many think about when they purchase a home. However, it’s something easily noticeable once you start spending time in the house. Luckily, finding experts for air quality testing in Brisbane is easy, so you should test the home before you buy it.
When you figure out how much dust, asbestos fibers and other dangerous substances is in your air, you can decide on what to do next. For the most part, this will mean you’ll need to invest in improving your air flow and home insulation, which aren’t always small investments to make.
Electrical wiring
As we all know that the technology that an average family uses is changing every year and becoming more complex over time. Often, old houses cannot handle these new technologies since their electrical wiring isn’t suited to such appliances and gadgets. Sudden loss of power could also damage your appliances so it isn’t an area to take risks in.
Old wiring known as knot and tube wiring should simply be replaced before you enter the home. It will cost you more, but most importantly, it will prevent you from using the home as soon as you would like.
Insurance costs
In the end, not all problems with old homes are technical in nature. Some are more of a financial burden and these too should be taken into account when making a purchase. Old homes are more likely to have problems, as we mentioned before, which makes them harder to insure. In term, this means that your insurance premiums might be more costly if the home is old. This is the case even when there’s nothing visibly wrong with the property and it’s a cost you will have to take on.
In conclusion
Buying an older home could be a great financial decision, but it also comes with its set of problems. You’ll need to choose carefully since the cost of repairs could take a bite out of your purchase budget.