Risks associated with an old Home

The Risk Associated with Purchasing an Old Property

When you’re looking for your next home, an old home can seem incredibly appealing. However, they can come with risks that you wouldn’t encounter with a newer build. You can attempt renovations to overcome these issues and get the most out of your older property, but this requires careful planning and design. Below, we explore some of the risks associated with an older property.

Purchasing an Old Home – The Risks

The Risks When Purchasing an Old Home.

 

Structural Weaknesses of an Old Home

Older homes are more prone to structural weaknesses. This might be down to outdated design ideas, or it could simply occur through the natural aging process. Either way, structural weaknesses will need to be addressed to protect your property and its inhabitants. Renovating the structure of an old home can be risky – especially if there are vulnerable pressure points in the home. As such, you should protect your investment by taking out building renovation insurance. This can give you peace of mind that your asset is protected when you’re renovating an old property.

Asbestos Can be a Problem in an Old Home

Asbestos is a material that releases dangerous fibers, causing serious diseases such as lung cancer and scarring of the lungs. Although it was fully banned in 1999, it’ll be present in many older buildings that haven’t yet been renovated. Asbestos was traditionally used as a fire retardant and can be found in various areas across old properties. Textured coatings, flooring, insulation and lagging are all common areas where you might discover asbestos. Recognizing asbestos can be difficult, though: if you suspect it might be present in your property, you’ll need to stop renovations and refer to HSE or other experts for the next steps you need to take. It can usually be removed safely, but you’ll need the appropriate process to solve this dangerous issue.

Old Homes Typically Come with Electrical Issues

Older properties are prone to faulty or exposed wiring. If left unaltered, these old electrics run the risk of house fires and other dangers to your property. This can be a significant and expensive job, but it’s essential if you notice that there’s an issue. Working out when your electrics need rewiring can be difficult though. Some old wiring might be perfectly safe, while cleaner wiring might actually have more issues. As such, you should hire a registered electrician to carry out an inspection at least every 10 years – especially, if you have an older property. If you’re renovating an older property, rewiring your electrics is a precaution you might well need to take.

Renovating an older property can give you access to an excellent deal and a dream home. However, renovations are likely. But by following the guide above, you should be all set to navigate these hurdles and enjoy your dream house.

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