Here's me (an agent not an inspector) giving you some basic advice when you start looking at homes.
Not unlike us, homes get tired. Some get really tired. Nothing is built to last (forever). Most homes work in 20 year cycles. I've written about this before I'm pretty sure. But 90 blogs later...I'm losing track.
Anyway, a furnace, air conditioner, roof, windowws, plumbing and wiring make up most of the mechanics of the house.
If you've located a house you like...here's the tough decision if it turns out that the house is nearing that 20 yr cycle.
What's your budget like after land transfer tax and some renos that you'd need to do to be satisified with the property. I ask because in the event that the furnace and all other mechanics have had their day...you may be looking at 25-50k in mechanical work that you may need to put into the house the first year you take possession.
You'll wanna factor that into your offer price.
The Sellers are responsible for keeping the house in "working order"...so if the mechanics are old but heat is being distributed and the windows aren't cracked, they have every right to say it's in working order. Of course, you have every right to offer what you feel the property is worth.
THE LUCKY homebuyer finds the house at the 5 year mark on most mechanics and a seller who has taken to servicing the mechanics regularly.
Knob and tUBE:
Many older homes have this wiring. In some cases it has been replaced where renos have been done, for ex a kitchen. But bedrooms and some fixtures still have working strands of the wiring. The tricky part with this wiring is that the inspector can only "guess" at how much of this wiring is in the house. Basic removal of receptacles for light switches or in an unfinished bsmt it may stand out. Otherwise you really don't know until you buy. Once you buy, you have options. A few insurers will cover at a premium, others will mandate that if you can prove that less the sat 20% of the house has knob and tube...they're ok to insure, still others will force you to rid the wiring within a specified time period.
Asbestos:
I get asked about this all the time. Asbestos is like a band aid that is used to insulate pipes and keep the contents warm. It can be found above a water boiler in the basement; it can be encased in ductwork; it can even be in certain glues as a mold on older linoleum type floors. So when you do renovations you want to hire a team that is conscious of the age of the house and takes caution when removing old boliers or flooring for example. Undisturbed asbestos is not much of a concern for you.
Water:
Water is a problem for all homeowners and most homes have seen water. When you look at older homes in say North Toronto you may find markings on ceilings and patchwork. You're probably right to guess that it is water. Here's the thing: if it was the sight of water but was taken care of and just the owners did a crappy patch fix on the ceiling---that is one thing. What you need to concern yourself with is if water is still "active". If it is...this can be a costly repair and you better budget for it.
Thought I'd arbitrarily point these things out. They came up last night during a showing with some clients and I felt it worthy of a quick blog.
For more information about homes or the market...don't ever hesistate to call.
Best,
http://www.TheSmithsBuyAHouse.com
http://PropertiesinTheGTA.ca
mgruenstein@trebnet.com
416.271.2066
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