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What should I consider before buying an older house?

Many of the homes in the New York metropolitan area are very old and historic. New York City itself was settled in 1624, and although it has changed drastically since then, some of the original structures in the area have remained relatively unchanged since the 1800’s. In fact, Staten Island has a house that was built in 1662, and Queens has a house built in 1654 that is still inhabited by residents. Though many existing homes are not that old, still in tact, and inhabited, there are plenty that are well over 100 years old and are lived in to this day.

Purchasing an old home is quite a commitment. There are extra steps that need to be taken because there is usually extra work to be done. You should make sure to get two inspections before purchasing the home to make sure the first inspection doesn’t miss anything. It is important to find out if the home was left vacant for any period of time and if so, how long it was abandoned. If a home isn’t taken care of, the systems are not being used, damage is only getting worse, and mold may form, and no one is there to do anything about it. Many old homes are not properly insulated. You may have to completely reinsulate the home and replace windows to maximize efficiency.

Buying an old home may get incredibly expensive if no work has been done to it over the years. The seller may not be as willing to negotiate or do renovations because the job can be so costly. Make sure you know what you’re getting into when purchasing an old home so you don’t regret the decision once it’s too late. If you are planning on purchasing a home, contact an experienced real estate attorney today.

If you require experienced legal representation for any of your residential and commercial real estate, bankruptcy, or family law matters, contact the Mark Scollar Law Office today to schedule a consultation.

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