Buying an older home can be a great investment, until you realize how much work you have to do to make the home livable. Some of the older homes on the market might be priced at a low cost, but you could end up investing thousands of dollars into the home to fix serious issues like foundation cracks, asbestos, radon, and lead paint. That is why it is so important to inspect a home properly before you buy it so you can be prepared for the additional costs that come with owning an older home.
Radon is a serious concern because exposure often leads to lung cancer. It is important to have your home tested for radon as it is often found in older homes. It is a naturally occurring gas that will mean replacing things like ventilation systems or redoing a basement. Based on the amount of radon in your home, the costs can range from $400 to $6,000.
One of the serious concerns with older homes is purchasing one that obtains asbestos. Exposure to asbestos fibers can lead to serious health problems like mesothelioma. Asbestos was once commonly used in the building industry because it has a high heat tolerance. In the 1970s it was discovered to lead to health problems and was pulled from the market. Some types are safe and are still used for certain things, but other types of asbestos are highly toxic. If you purchased a home that contains asbestos but were not informed of it beforehand, you have legal rights you need to pursue. Seek out help from Shrader Law to discuss your new home and your legal right, especially if you have to file a mesothelioma lawsuit. The amount of money you spend on professional asbestos removal is well worth it, since the fibers can be very dangerous to inhale. The total cost will vary based on the size of the home and the amount of asbestos to be removed.
There are several concerns with lead. Lead is serious because it causes health risks that can lead to learning disabilities and other problems. It can be found in the paint and the pipes of older homes. It can be transferred into the drinking water through the older lead pipes. It can also be inhaled if paint in the home cracks and the lead fibers are exposed. While you can choose to paint over the lead paint, you do not want to disturb it and expose the fibers. Replacing all the pipes in the home is expensive because you may need to have the foundation and other areas of the home destroyed to get to the pipes. Replacing lead paint is also expensive since you may end up needing to remove entire walls instead of stripping or sandblasting the lead paint off the walls.
Older homes did not have the same building requirements as modern homes. Cracks in the foundation could be very dangerous. A cracked foundation can cause flooding, or it can rot over time and eventually corrode away. Mold is another concern related to a cracked foundation. Foundation repair costs will vary based on the severity of your foundation problems.