An older home has a certain appeal. You may prefer the architecture, size, or location. However, when the property is more than half a century old, it is more likely to contain a few problems. Besides peeling paint or worn flooring, there are structural issues and other problems to pay attention to.
Find out if the property that you want to buy suffers from any of the problems discussed below. to gain valuable insight that may help you negotiate a lower price. Order your free property report.
If you want to avoid buying a money pit, you should keep an eye out for the following problems.
Harmful Building Materials
Asbestos was commonly used for building materials because it is inexpensive. In fact, after World War II, nearly 52% of all houses built in New South Wales contained asbestos cement.
While asbestos has not been used for domestic building materials in over 30 years, it was not banned in Australia until 2003. If your home is more than several decades old, it is more likely to contain asbestos building materials, such as asbestos cement sheeting.
Professional testing may help determine if the home that you are interested in contains asbestos products. If you are concerned about the safety of the house, get it tested before making an offer.
Lead paint is another material that is no longer used in domestic construction. However, older homes may still contain lead paint on the walls or window frames. Lead is mostly a concern for children, as consuming lead paint chips can cause significant health problems.
If lead paint is found on the walls, it can either be covered with a new surface or removed. However, these steps require the assistance of a qualified home contractor to ensure that the lead paint is safely handled.
Structural Issues with the Foundation
Structural issues can be difficult and costly to repair. When the foundation of the property begins to crack or sink, the rest of the home may be in danger. Depending on the severity of the structural issue, you may want to avoid purchasing the home.
Problems with the Electrical Systems
You should always have an experienced electrician or home inspector take a close look at the electrical system of a home before purchasing. This is especially true with older homes.
Older homes may have worn wiring that increases the risk of electrical fires. Older electrical systems may also increase the risk of damage to your appliances and electronics.
If any issues are found with the electrical system, you may be able to negotiate with the home seller to lower the asking price to cover the cost of repairing the electrical problem.
Learn More about the Property Before Making an Offer
Now that you know what types of issues you should be looking for, it is time to learn more about the property that you are interested in buying. A free property report provides useful information about almost any property in Australia. The Government advises you check any potential property thoroughly.