Wednesday June 29, 2016
People often say that older homes have more character, history and charm! If you are in the market for an older home, there are a few things to consider, however. Older home maintenance can be costly, and finding problems and hidden costs before or after the fact may be an issue. Here are a few items to check into:
With an older home, certain items may not have been brought up to code, leaving potential hazards, such as lead paint and asbestos. Both of these may be a factor, which could become very expensive to correct. Asbestos removal could run into $20,000 to $30,000 if needing to be removed on a larger scale.
Another big ticket item is plumbing. In older homes, the pipes could contain lead, which is dangerous to consume. This would mean that the pipes would have to be replaced, or a water filtration system would have to be installed. The costs associated with this type of upgrade could run up to $5,000 or more. Getting the pipes upgraded to PVC could also be costly, costing an additional, unexpected $5,000.
Termites can pose a huge problem in older homes, especially if they have a number of wood components. Termite damage can make the structural foundation of a home weaker, and fixing the problem can be expensive depending on the level of damage. A home inspection prior to purchasing the home can help detect these problems.
Mold and Mildew
Older homes have withstood a lot over the course of time, and excessive moisture can cause mold and mildew to develop in bathrooms and basements, especially in certain climates. Older homes may have small amounts of mold, which is normal to a certain extent, but larger quantities can cause breathing problems and other issues. Correcting this problem can be costly if mold removal, or a new ventilation system has to be installed.
Older homes may have a number of structural problems, as homes tend to settle as they get older. Cracks in the foundation, or uneven slabs can be very expensive if you have to fix the problem. This type of expense can run over $30,000, which may not be in your budget. Once the foundation is fixed, additional costs will be incurred, as you would have to repair walls and other sections that were affected.
These older home expenses are just a few things to consider. With a new home, these issues are not a factor, and having everything up to code and under warranty can provide peace of mind. Plus, a new home will be more energy efficient, resulting in lower energy bills. For more information on buying a new home, contact the team at Smith Douglas Homes today.