An older property can be incredibly appealing. Still, if you're thinking about investing in one, you should make sure that it doesn't have any of the common issues that older properties have.
What Issues to Search for in an Older Property
- First of all, you need to make sure that the property you love doesn't have traces of toxic materials (such as asbestos or lead paint) on it, so it won't become a health hazard for you.
- If the older property you've had your eye on wasn't kept up properly, it's likely that it will have an infestation (from roaches, mold, termites, rats, bats, and other nasty organisms). Have an inspector look out for it.
- The old architecture and style may be a great selling point, still there can be some design flaws present in an older property (like outdated tiles and smaller closets.
- Older properties, obviously, have longer histories, which could mean messier paperwork. If the records weren't documented as necessary, an undisclosed heir or error on the title can put your investment in jeopardy.
- Once again, proper maintenance is a must to keep an older property in good shape. If it wasn't maintained, there can be structural problems that could make the property unsafe to live in.
- Finally, an older, unkempt property may mean outdated systems (electric installations, plumbing, and more). Make sure yours doesn't have these problems before spending a large sum of money.