Buying an Old House! A Money Pit or Gold Mine?
It's like a love affair, some old houses make
your heart skip a beat! It is hard not to fall in love with the
historic unique architecture, gabled roofs, hardwood floors, crown
moldings, and antique light fixture - old houses definitely have their
charm.
The plastered walls, leaded glass windows, original chandeliers, and
oak paneling make this property as attractive as it can possibly be. If
you found your love you should be aware of the following money pits of
old houses. You do not want to discover that beneath the surface of
your dream home lays a dilapidated wreck.
This article provides you with some valuable tips to help you
identify potential problems and some renovation rules, should you
decide that this love affair is going to be your Gold Mine.
Foundation
Electrical Wiring
Lead Paint
Asbestos
Just like people, years will eventually take a toll on homes as
well! Things with years begin to sag and slope, which is why it's very
important to know about the conditions of the house your planning on
purchasing. For old houses, renovations are a challenge. To determine
the price you are willing to pay, add up the estimated costs to
renovate the property based on a thorough assessment of the house.
Then, subtract that from the home's market value after renovation.
Allow for an additional 5 percent for cost overruns and unforeseen
problems plus inflation.
Preserve the Charm of Your Old House
If you have already fallen in love with this old house, then make
sure you follow the golden rules in repairing your dream home and
preserve it's historic features and value.
Good luck, you may have found your Gold Mine.
The foundation is the most important aspect of
any home especially for older ones. One problem that is common for
older homes is called the “sulphate attack”. This can occur as a result
of a chemical reaction between the soil and the concrete, which causes
the foundation to crack and crumble and that can be very problematic.
Another major concern with older homes is that the centre beam of the
home can begin to sink. This can result in a sagging roof, bowed walls,
and sloping floors. If the old house has a bad foundation then
renovating it can be very expensive where the cost can range from
several thousand dollars to $50,000 depending on the size of the home.
Also, in some cases, one might needs to jack up the house to replace
the foundation and shore up the centre beam.
When buying an older house, it is very
important to find out if there are any problems with the state of the
electrical and lighting system. Do the lights flicker? Is the current
steady or do the lights fluctuate between bright and dull? Is there
adequate lighting in the home? It’s important to have the wiring
carefully inspected. Also, many older houses use aluminum wiring, which
is cheaper than copper wiring but it is a serious fire hazard. Ensure
that you factor the cost of rewiring into your offer price. Also, you
should consider whether there are enough outlets in the home to suit
the needs of a modern household. Install more outlets in order for you
to run a number of devices at once like a television, a computer, a
stove, etc.
In older homes, lead paint is very common as
lead was used as a white pigment in paint until the mid-1950s. If you
are planning to repaint the home, call in a professional renovation
firm as they know the safety precautions needed to be taken when
repainting the house. Children and pregnant women should not be in the
home during renovations.
Asbestos is a mineral that makes a very effective
fire and heat-resistant material that was discovered to cause lung
disease. When the tiny particles of this mineral are inhaled, over a
period of years they begin to damage the tissue of the lungs. In old
homes, asbestos was used in carpet underlay, textured paints, roofing
felt, electrical wiring insulation, acoustic ceiling material, and
insulation. Getting the house checked for asbestos is very critical.
Galvanized Pipe
Galvanized pipes are known to rust very quickly. Most insurance companies now refuse to cover water damage caused by leaks in a home with galvanized pipes.
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