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Here's What No One Tells You About Purchasing An Older Home

Posted Nov 18th, 2019 in Media, General, Insurance Tips, Home Insurance, Did You Know?, In the News

Whether it’s due to price or charm, many people are attracted to the idea of purchasing an older home. However, it’s vital to understand the potential insurance implications of doing so.

Here's What No One Tells You About Purchasing An Older Home, Youngs Insurance, Ontario

It’s important to ask the proper questions when you’re thinking of purchasing an older home to ensure everything is up to current standards.

You may be thinking, “what questions should I ask?” We’ve outlined everything for you below. These questions will help you make an educated decision when it comes to purchasing the right home. Don’t forget to consult your trusted Insurance Broker as well, we’re happy to explain the possible insurance implications.

10 Questions to Ask Before Purchasing an Older Home

  1. Roof | How old is the roof? Has it been replaced recently?
  2. Windows | What is the condition of the windows? Have they been replaced recently? 
  3. Inspection | When was the last home inspection? What issues were found?
  4. Pipes | What type of plumbing has been used? Is it up to code?
  5. Wiring | Is the wiring up to code and capable of supporting today’s demands?
  6. Furnace | What is the age of the furnace? Has it been replaced recently and/or well maintained?
  7. Asbestos | Is there asbestos insulation or materials containing asbestos in the house?
  8. Pests | Is there a history or any signs of a rodent or termite infestation?
  9. Mold | Are there any signs of mold issues through the house?
  10. Structure | What kind of condition is the foundation in? Is the skeleton of the home in good shape?

Remember, insuring an older home may involve solving the problems to these questions before moving in. We hope our questions will help you catch these issues before hand and save you a surprise after purchase.

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