This Old House
Historic or older homes can bring a lot of charm and details that aren’t available in the standard look of a new build. But they also may come with years of delayed or ignored maintenance hiding under the surface. While homeowners insurance can help if your older home is damaged in a natural disaster, these issues are often not covered under insurance, resulting in expensive bills. If you’re considering buying an older house, walk through with your home inspector and see if they identify any of these issues. You’ll want to factor in upcoming expensive repairs into whether a house’s price is a good deal for you.
“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.”