Lately, it seems like older homes are en vogue. Popular shows like Good Bones, Fixer Upper, and Home Town make it seem easy and trendy to purchase an older home for its history and character. But if you’ve just inherited an old, family home, or are considering selling an older home of your own, you know that age doesn’t always mean beauty. It’s not as easy as you’d think to sell an older home, but it can be done, especially if you can address these 5 common problems that come with selling an old home:
Older homes were built in a different time when different laws and codes were enforced. If your home was built before 1989, it’s possible that there is asbestos within the walls. The problem with asbestos is that while it’s an exceptional flame retardant, airborne fibers can be inhaled and become lodged in the lining of the lungs. This has been shown to lead to cancer and is what caused the banning of asbestos in 1989.
If the older home you’re selling was built before 1989, you’ll want to check for asbestos and potentially remove it before you sell the home. While you can wait for a buyer’s inspector to investigate the problem, it could have serious implications for the sale of your home. Some buyers may back out, and at the very least, they’ll look for concessions in the purchase price of the house if they need to fix it themselves.
#2 Electrical Problems
Older homes weren’t built to keep up with our modern technology obsession. Appliances like washers, dryers, dishwashers, televisions, HVAC systems, and more, use a great deal of electricity, and many older homes weren’t wired to support all of that usage.
If your older home isn’t wired properly for the modern homeowner’s electrical needs, you may run into trouble selling the home. If your home has knob and tube wiring, especially, you’ll likely need to repair the system or make a large concession on your asking price to appease your buyers. Very few insurance companies will insure a home with knob and tube wiring, and lenders may even refuse to give a mortgage to your seller if they know that faulty or insufficient electrical wiring exists.
#3 Water Service
Just like everything else, time can weigh heavily on your water supply. If your home is outside city limits, it’s a good idea to have your well inspected, especially if your home is more than 50 years old. If you live in the city, it’s still important to have your water service inspected. While the city might be working hard to remove any and all lead service in their system, they can’t control the pipes that go from the road to your home. Many older homes still have lead water pipe service, and with the publicity that lead poisoning has gotten lately, it’s even more important to have that fixed before a new family moves in.
#4 Roofing Concerns
The average asphalt roof lasts about 15-25 years. If the roof on your home or your inherited home is getting up to that age, or if it’s older, you might consider replacing before you sell. In most cases, you’ll be able to recuperate that cost in the selling price. If you don’t have an opportunity to fix the roof before you sell your home, you might have to lower your selling price to accommodate that fix. A quality roof is important to most sellers, as it’s a key part of your home, and it’s one of the more expensive components to fix.
#5 Foundation Problems
It’s common for older homes to develop small cracks and slight sloping as they settle over time. That said, significant foundation problems can develop as your home shifts and settles, and as major weather events wear away at the base of your home. If you’re selling an older home, it’s a good idea to pay special attention to the foundation in your pre-sale inspection. While foundational fixes can be expensive, it’s better to know what you’re dealing with ahead of time than it is for the buyer to discover a major issue in the inspection, resulting in a serious drop in the price of your home.
Older homes are notoriously more difficult to sell. While your home may have a lot of charm and character, if it has major foundational or electrical issues, you may find that repairs will cost you more than you can afford. To bypass expensive repairs, consider a fair, cash offer from Renewed Homes. We can help take that old home off your hands, no repairs necessary. For more information, give us a call at 269-362-0931 or contact us online today.