There can be an appeal in owning an older home; preserving a historic part of a neighborhood and/or restoring a house to its former glory. However, there are concerns when buying an older home, issues that can cause regret and major expense. When considering the purchase of an older house, make sure to spend extra time with your home inspector to assure that your ideas for the home are realistic.
Outdated or obsolete systems and materials are major issues and can affect insurance rates. Heating and cooling systems should be considered.
Was the system installed properly to begin with, or was it rigged to fit the home? Lead piping can also be a problem if the lead pipe brings water into the home. Electrical systems such as aluminum wiring or knob and tube are often partially replaced in an older home. You should ask how much is left and what would be required to complete the replacement. Tile or slate roofing may be historically accurate, but can be expensive to repair if it is damaged. Chimneys and fireplaces may require replacement or a complete rebuild.
Owning an older home can be source of pride. If you are considering buying a home with a little more character have your inspector go through the house keeping in mind any possible renovations or restoration you may be thinking about. In some cases it may be prudent to have an older home inspected prior to making an offer. By doing this you can include the cost of necessary repairs in the price negotiations with the seller.