You might think that buying an old house will save you some money. After all, the purchase price is much lower than the cost of a new house. An older home adds the convenience of being located closer to downtown areas, thus, reducing transportation costs. However, some hidden costs will surface as soon as you buy an old house reducing any financial gains you had foreseen. Below are some of the leading hidden expenses associated with purchasing old homes.
The roof is one of the common areas that usually require repairs in old houses. An old roof has issues such as missing shingles and moss. An excellent looking roof, on the other hand, is likely to have problems that are not visible from the ground. An inspection can discover issues such as the use of new shingles to cover old ones. The replacement is normally done incorrectly. Additionally, if these repairs were done more than once, they could result in damage to the entire home. Therefore, roof issues are a catalyst for added expenses.
The modern electrical requirements in homes today are very different from the designs that were used in older homes. Households today use more electricity than people did fifty years ago. Today you use computers, dishwashers, and televisions among other electrical appliances. Older homes use the knob and tube wiring which cannot support the level of power that is used in modern homes. If the house you are buying uses this type of tubing, companies will insist on replacing it, or they will recommend an electrician who can certify that the installation is in excellent condition. You’ll likely have to add a furnace installation to update your home and make it habitable. Whichever the solution, you will incur excess cost.
Many old homes do not have insulation because they were not built with energy efficiency in mind. Those that have insulation are no longer effective. Therefore, to get air conditioning in your new home, you will be required to update the insulation as well as the windows since they are often single-pane. These energy upgrades will cost you more money that you had not anticipated.
Asbestos was typically used in older buildings because it is a flame retardant. However, when the barbed fibers from asbestos are inhaled, they can lead to a deadly form of cancer. Despite the burn of asbestos use in houses, many old homes did not have it removed. Thus, you will need a home inspector to confirm if the old house you want to buy has asbestos and consider the costs of removal which can be very significant.
Buying an old home is exciting because it carries history. However, you should always be aware of what you are buying to avoid any unnecessary extra costs.