Factors to Consider When Buying an Old Home

Old homes have unique designs that are not common in modern homes. More often than not, old homes are less expensive than new constructions because age plays a huge role in the price of a property. As such, you may opt to purchase an old home at a low price then remodel it in order to modernize some of its interior and exterior aspects. When you are in the real estate market looking to purchase an old home, you should pay attention to the following factors in order to buy a good property.

Electrical wiring

Old homes used aluminum wiring, and knob and tube wiring in their electrical systems. Modern homes use copper wiring because copper conducts electricity effectively while preventing the occurrence of fire. You will need to conduct an electrical home inspection to check the type of wiring in the old home you wish to buy.

If the home has aluminum or knob and tube wiring, you may consider rewiring the entire home using copper. This is an expensive option but it is viable if the home has a low price tag. Notably, you should confirm whether your insurance company covers homes with aluminum wiring if you opt to keep it because some insurance agencies do not cover homes with aluminum wiring due to the high risk of fire.

Additionally, old homes use a fuse box to break the circuit in the event of a power surge and in this case, the fuse burns out and the box requires a new fuse to function. Modern electrical wiring entail circuit breakers that interrupt the flow of electricity during a high power surge and in this case, the circuit breaker only needs to be reset to restore normal functionality. In this case, you should consider replacing a fuse box with a circuit breaker to offer more protection to your home.

Plumbing

Old homes used cast iron pipes for plumbing while modern homes use PVC piping. Conduct a plumbing inspection for your home to ascertain the condition of the cast iron pipes. The inspector will be able to note any leaks and corroded areas that need repair immediately to avoid aggravating the problem. The inspection should cover water and sewerage pipes inside the home and the main sewer line.

Aesthetics

A good home is aesthetically beautiful and functional. An old home may have old interior and exterior designs that do not match the modern trends in the real estate industry. Home buyers in today’s market prefer stainless steel appliances in the kitchen and large windows around the house.

Modern trends also feature an open layout whereby the living room, kitchen, and dining room have no walls separating them. If you get an affordable old home, you may use the extra money from your mortgage to cover the cost of repairs and remodels in the house in order to update your home.