The potential risks with buying an older property 

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The potential risks with buying an older property 

On Behalf of | May 23, 2022 | real estate transactions

People’s preferences tend to differ when it comes to housing styles. Many prefer to be in modern apartment blocks in the middle of the city. Others prefer a more traditional vibe, with classic housing. 

Older buildings can be full of character and may also be more spacious. Nonetheless, there are some downsides. Outlined below are some of the potential risks of buying an older property

The use of asbestos 

The dangers of asbestos are now widely known, but they were not a number of decades ago. Houses that were built pre-1970 frequently used asbestos for insulation, floor tiles, ceilings and numerous other aspects. Asbestos fibers are a serious health hazard, and if you suspect the presence of this material in your home, you should not attempt to deal with it yourself. Sellers also have a legal duty to inform you of potentially harmful hazards before you commit to the purchase.  

Dangerous electrics 

Electrical technology has advanced rapidly in recent decades, including in terms of safety features. Older electrical systems simply weren’t up to the safety standards of today. If you’re looking at an older property, it is worth researching what type of electrical systems are installed and when the wiring was completed. If you have to rewire the home after purchase, this could be extremely expensive.

More importantly, if you enter a house with an old wiring system, you could be exposed to electrocution and fires. Again, sellers have a duty to disclose any potential health hazards before the transaction concludes. 

If you feel like a seller or realtor has not fully disclosed defects with a property, then there are legal options open to you. This is a nuanced area of the law, so make sure you reach out to someone with relevant experience in this area. 


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