The money pit
Historic or older homes have a special charm and appeal that new buildings will never have. But they also have years of structural decay or damage that went unnoticed or ignored. While the costs of certain repairs in case of a natural disaster can be covered if you have homeowners insurance, most costs will have to be paid from your own pocket. And the bills, in such cases, are not to be ignored.
If you’re thinking of buying an older home, make sure you have a home inspector assess all the possible issues that may arise in the future, like rewiring works, window replacement, plaster maintenance and so on.
“An appraiser and proper home inspection will help you identify the status of the home in advance, and sometimes items that need fixing or updating can be deducted from the purchase price,” says Bianca Colasuonno, a Compass real estate broker in Queens, New York. “Understanding the infrastructure and bones of the home is the best way to avoid costly repairs down the line.”
To prevent your new purchase from becoming a real money pit, here are 14 common but costly problems you should pay attention to when it comes to older homes.