Potential implication of buying an old house! (roof, furnace, AC)

[Arun]

Folks,

In the past I have owned houses which are 5 to 10 years old but this time we may have to buy an old one. We like a house which was built in 1974. It has brick front and wood sidings. I was just cusious what kind of issues you can have with old houses. I have heard:

- Furnace
- Pipes/Plumbing’s
- Sidings (Any issues with wood sidings??)
- What else?

Also do old house appreciate in value like new one?

This house is in Barrington, IL (Chicago suburbs). Details can be found @ http://www.realtor.com/search/listin...093061323&sid= (broken link)


Any feedback will be appreciated.

Thanks!

[Lillietta]

Depends on age of furnace. Check to see what kind of pipes; if copper, you should be OK. Don't know much about wood siding. In answer to your other questions, an inspection by a certified inspector is strongly recommended if you make an offer . I know that old houses absolutely do appreciate - there are people who just adore them, understandably so. My daughter just bought a house built in 1921 which is magnificent and in royal condition. The previous owner worked hard on it and comes by all the time as he misses it so much because of his own investment. The inspector found very little wrong with it and didn't miss a detail. He found some asbestos in the basement which was immediately corrected by the owners as it is their issue. They called a reputable company to remove it (asbestos can almost expectedly be found in older homes) and added brand new ductwork in the course of the remediation!

Hope this is helpful to you.

[RoaminRed]

LOL when I read your title I was thinking you meant a house that was actually OLD. (The one I'm currently working on was built in 1897...)

Anyway, 1974...what is going to need doing is going to depend on how good the previous owners were at maintaining their property. You may find out with an inspection that everything is fine, if they've kept up with what they should have done.

However, more realistically you're probably looking at some plumbing issues, some (or all) electrical upgrades, possibly roof (which could be a total tear-off if there have been layers added), and major mechanicals like AC and heating. The severity again will depend on how good the previous owners kept it up.

As always, the few hundred you spend on a GOOD licensed home inspector can save you years of expense and aggravation. Also be sure they do more than a cursory look at the major mechanicals. Be certain to get a pest/termite inspection too. Require that the owners have the utilities ON when your inspector is there, otherwise you're handicapping the inspector.

[nj2ny]

Pretty good advice so far. In my opinion a home from the 1970's isn't that old. I just went under contract for an old victorian built in 1878 so I've gone through the "old home anxiety".

The only thing I'd add is that you should inquire about lead paint and get some tests done to see if that's an issue. I believe they stopped using it in the 70's but it's worth looking into.

[golfgal]

I have to agree that a 1970's house isn't old-I grew up in a house built in the 1860's .

Your link didn't work for me so I couldn't see if the mechanicals had been updated, what about appliances? You should be looking at a roof that might need to be replaced if it hasn't in the past 10 years, appliances--how old, older then 10 years, you might need something in the next 2-4 years. If the furnance is original, look to need to replace that in the same 2-4 years. Structurally, the house is as good as who ever built it. If it was a Centex or mass builder construction, I would probably shy away from it. If it was a custom build, it is probably fine.

I agree that the best thing to do is get a GOOD inspection done on the home.

[Arun]

Thanks for the great advice. House link is:
http://www.realtor.com/realestate/1093061323/

[katzenfreund]

Wow, from the looks of the house, I am assuming the owners have kept up with maintenance and I would have no qualms about buying it, after a good home inspection has been done. It looks like a great place!!!

[RoaminRed]

Originally Posted by katzenfreund

Wow, from the looks of the house, I am assuming the owners have kept up with maintenance and I would have no qualms about buying it, after a good home inspection has been done. It looks like a great place!!!

Yep I have to agree. Still get ALL the inspections, but the pictures all look like the owners have been conscientous. It looks like a really nice house to me.

[golfgal]

Beautiful house--I also agree, get the inspections and grab the house. I wouldn't hesitate to buy that house assuming all is well in the inspection. I would still make sure the roof and the furnace are newer, both are costly unless the house is already priced to accommodate those.