Home Inspections And Older Properties: 3 Things You Need To Know
The buyer looking for ample character and lots of charm might find themselves drawn to an older home. Older properties can have significant aesthetic and historic value, but they also come with the potential to be a real money pit. The home inspection process will be critical if you are interested in purchasing an older home. Without a thorough inspection, you could end up with costly surprise repairs once you close on your older home.
1. Use Only Experienced Home Inspectors
The home inspection is an important element in any real estate transaction, but it is vital to the purchase of an older home. You shouldn't entrust the inspection to just anyone. Evaluating older homes requires a lot of experience and skill, so you should look for an inspector that has been in business for quite some time.
It's also helpful if the inspector has experience working with older homes, as this will let you know that he or she knows what to look for. Your real estate agent should be able to offer some recommendations for home inspectors that will go through a potential property with a fine-tooth comb.
2. Have Your Agent Attend the Inspection
You can request that your real estate agent attend the home inspection. The agent will be the one responsible for helping you negotiate a fair purchase price, so it can be helpful if he or she is aware of the issues that the older home you are interested in may have.
The inspector can explain his or her findings to the real estate agent, who can then use this information to advise you when the time to finalize your offer arrives.
3. Expect Some Problems
Anyone interested in purchasing an older home should enter into the process with open eyes. An older property will almost never be in perfect condition. There will be some problems that you will have to address as the new owner of the aged home.
If you go into the home inspection expected there to be a few problems you will need to take care of, the results of the inspection will be less shocking. Some findings to expect following the inspection of an older home include foundation shifting, the presence of mice or other pests, and poor insulation. These problems can be addressed fairly easily.
If your home inspector discovers old electrical wiring, plumbing issues, or a faulty roof, you will need to determine if you are prepared to take on the costs associated with tackling these larger structural issues.
Work with your realtor and a home inspection company to learn more.