Thinking About Purchasing an Older Home? Tips to Consider Before You Do
Did you know that 55% of homes sold in the U.S. are between 15 and 54 years old? And 31% of homes sold in the U.S. are 55+ years old? Only 14% of homes sold in the U.S. are between 0-14 years old.
Many people like purchasing older homes because they like the charm and character of older homes, most times they cost less than newer homes, and often times you can keep old wood flooring.
Some Things to Look Out For
When deciding if you should purchase an older home or not, it all comes down to how well the home has been maintained. In many cases, an older home is no more a ‘money pit” than a new house. Still there is something to be said about that ‘money pit’ stereotype, and buyers, particularly first timers, may need guidance to avoid getting themselves in over their heads.
- Be careful that the land area is large enough to switch over from a cesspool to a septic
- Check if the electrical work and wiring itself is up to date
- Check the plumbing as it could be costly to replace the pipes
- Be sure to use a highly reviewed home inspector
- If you find any structural or foundation issues with a house, that’s a good reason to walk away