When searching for Hanover homes for sale, there are many factors to consider. Factors such as location, price, size, condition, and age to name a few. The last of which may be one of the most important in the long run. While older homes offer more character and history, they also come with more work and upkeep. When deciding to invest in an older property here are a few things to consider before you make a commitment.
- — When purchasing any home it is recommended to hire a professional Home Inspector, but this is especially important on older homes. Your Home Inspector will look for any concerns regarding the foundation and general structure of the house allowing you to make the purchase with peace of mind knowing your new home is safe and sound.
- — While it is common for older homes to be renovated to fit a more modern lifestyle, not all will have been updated completely. Some homes have been restored aesthetically, meaning the only updates completed are what you can physically see. This gives the home a more modern look but does not actually update the important things such as wiring or plumbing. Depending on when older homes for sale in Hanover were built, they may still be using copper piping or fuse boxes that can not support the higher demand for electricity that a modern day home will require.
- — Some older homes may come with an increased insurance rate as they may be seen as higher risk. Old plumbing, outdated wiring, crumbling concrete in the foundation, or structural issues can pose a hazard that may require corrective action. Older homes also tend to be drafty, as they have settled over time and allow for heat or AC to escape. Many have little insulation remaining, which could cause your monthly utilities bill to be substantially higher than necessary.
- — Asbestos was once thought of as a general use product and can be found in carpet underlay, insulation, acoustic ceiling material, and more. This naturally occurring material is effective for being fire and heat resistant and was widely used. We now know it to cause lung disease and cancer, which is why it was banned. Older homes may still have walls with paint predating the 1970's when the use of lead in paint was banned in Canada.
Buying Older Homes for sale in Hanover
When searching the Hanover Real Estate Market there are always homes that will need a little extra TLC. When it comes to investing in an older home you should speak with a local Hanover REALTOR® before making any major decisions. Be sure to consult with your Insurance Broker and your Home Inspector as well.
