What are some of the risks involved with buying an old home?

When you are looking to purchase a new home, you may go in with an idea of what you are looking for. Some people want a brand new house and some people want an old, historic home. Others don’t really care what year it was built in as long as it has all of the other things they like. There are a lot of different factors that need to be considered if you do make the decision to buy an older house. When you look at an older house, you should be ready to ask a lot of questions.

Your first inquiry, after asking what year the house was built, is to find out what renovations the previous owners have done. Was the septic system replaced? Are there any lead paint or asbestos issues that need to be taken care of? It is important that you make sure you are not purchasing a house that can pose a risk to your health.

If you do choose to go through with the purchase, you should get the best home inspector you can find and have them conduct a thorough investigation of everything from the structure to the foundation to the electricity and make sure that no stone is left unturned. The worst thing that can happen is to actually purchase a home and then later find out that there are thousands of dollars in repairs or updates that need to be made.

If you need assistance in the home buying process from an experienced real estate attorney, contact our firm today.

Joseph Gachko, Esq. is an experienced New Jersey attorney who can assist you in any of your estate or real estate-related legal matters. If you require legal counsel for your real estate matters, please contact The Law Office of Joseph Gachko today to set up a consultation.