15 Costly Problems That Come With Buying Older Houses

Older homes can be tempting for those looking to buy a house. That's because you can often find a great deal on a house that's fifty years or older, put in some sweat equity, and build wealth as the home's value grows.

But that idea can come with its fair share of work. Older homes sometimes come with issues that can cost you a pretty penny to bring up to code. 

From outdated electrical to windows that are less than energy-efficient, you could find yourself spending your weekends working on the house or spending your savings hiring experts to come in and help make your home liveable.

The plus side is, you typically know what you're getting into with an old house and you may find yourself less surprised when issues come up than those who get blindsided by problems with their more modern purchases.

Thinking about putting in an offer on an old house? Here are a few common problems that you should keep top of mind before you make an offer on an older home.

Older homes typically relied on older technologies when it came to wiring, which can encompass a variety of different types of electrical wiring, including knob-and-tube. Outdated electrical is often one of the first things that need to be replaced in an old home due to the elevated risk associated with this type of wiring.

Your inspector should be able to tell you whether you need to budget for updated electrical in your new old home when they do the initial home inspection. Replacing the wiring could cost up to $30,000, while a new panel will run upwards of $4,000.

Retro appliances are charming — until you try to use them, that is. Ancient appliances may not work efficiently, especially if you're hoping for an oven that cooks evenly or a dishwasher that adequately dries your dishes.

If your appliances are older than 15 years old, you'll probably need to consider whether they'll need to be replaced soon after you move in.

Replacing your appliances with newer, more energy efficient models can run you about $500 per appliance on the low end, and higher end models can even cost you thousands.

Old pipes can present a lot of different issues in and around you home, including leaks and exposure to toxins like lead. If you're looking at a home with older pipes you may need to consider replacing them before you move in.

That fix can get expensive, with the average cost of replacing household pipes running upwards of $15,000 or more.

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If your old home has central air, amazing! But does it still work? Depending on how long the HVAC system has been around, you may end up installing a completely new unit, which can run about $7,000.

And for those homes without AC, you may be looking at an even higher price tag, since you'll need to install duct work, air returns, and more.

Older homes can also have issues heating and cooling efficiently, even with a new HVAC unit. If your old home has more than two stories, you may need to look into other options — like adding a mini split to your upper floor(s) — so that you can keep the air in your old home comfortable throughout the year.

The charm of an old wood frame window with wavy glass can't be beat. But, those single pane windows might as well let the frigid winter air right through them for all the good they do at keeping the chill at bay.

Replacing old windows is a must in many old houses, and it doesn't come cheap. You can expect to pay over $500 per window that needs to be replaced.

Doors that don't shut are a common complaint from those with old houses. Maybe they close with ease in the winter, but swell up in the summer. Or perhaps the old door knobs simply don't latch.

While the best case scenario involves a little bit of DIY or light carpentry work, the worst case scenario can involve getting to the root of the issue, which can include a shifting foundation that can run you thousands of dollars to fix.

The foundation is the slab on which your home is built. And when you're buying an old house, that slab has gone through a lot, including changing weather and regular wear and tear.

Older homes may be more likely to show the signs of foundation issues through obvious cracks and smaller issues within the home — like those doors that won't latch and windows that won't open or close.

And while some issues with the foundation can be repaired, they may cost you a pretty penny to do so, with the average price clocking in around $4,274.

Roofs aren't designed to last forever and, while metal and slate roofs can last for close to a century, a shingle roof is only going to be around for a couple of short decades. If you see that your old house roof is missing shingles or there's moisture coming into your second floor, it might be time to look into replacing the roof.

You can expect the cost of a new roof to start around $8,000.

There are a shocking number of materials which were used in previous eras that we would never touch now. 

From lead-based paint to asbestos, these materials were common in pre-1978 homes. 

You won't know from looking at the house whether you have these materials, but a professional inspection can help you determine whether you need remediation.

Expect to pay around $2,900 for lead paint remediation, and asbestos remediation could cost up to $30,000 for the entire house — though it's generally only necessary if you are ripping up the floor. In that case, it could cost around $2,000 for a single space.

Radon is a toxic gas that can afflict any home, old or new, but it's always worth testing when you move in, especially if you're remediating other issues. You can get a DIY kit to test for radon.

If the test comes back showing high levels, you can expect to spend just under $1,000 to mitigate the radon issue.

Old homes were built to last, not to keep out drafts. Beyond the windows, you could also find that your home is letting in hot and cold air thanks to inefficient or nonexistent insulation.

To insulate your house efficiently and using modern methods, you may spend around $1.50 per square foot.

Water heaters last roughly twenty years, so your old house has likely been through a water heater or two over the years.

If it appears that the current water heater has seen better days, it may be time to spend up to $600 on a new water heater or $1,500 on a new tankless water heater.

Signs that it's time to look into a new water heater include noise coming from your current water heater, or leaking around the water heater.

Siding doesn't last forever, which might come as a surprise if you assume that your old house maintains all of the exterior charm that it had when it was first built. If the exterior siding is beginning to look as if it's peeling off, it might be time to splurge on new vinyl siding.

Vinyl siding can cost roughly $14,000 for an average size house.

If you finally found your old house out in the country, you might also find yourself introduced to a septic system.

This is a common wastewater management system in rural homes, and it doesn't last forever. You should always get your septic system inspected before signing on the dotted line, so you know whether to expect a system that needs a few simple repairs or a system that completely needs to be replaced, which could cost over $12,000 to complete.

Old homes typically have plaster walls rather than drywall. This allows for more intricate moldings and other details that you don't find in modern houses, but it's also a challenge.

From difficulty hanging heavy items to managing the inevitable cracks, plaster has a learning curve.

If you're seeing cracks in your plaster, you may want to budget around $85 a square foot for repairs.

If you've bought an old house, and you want to look into ways to help pay for your mortgage, it could be worth exploring tax credits on historic homes. This can be a helpful way to cut back on expenses as you take on the responsibilities of stewarding a pillar of architectural history through its next chapter.

You can also tap into home equity to fund necessary renovations and repairs. Owning an old home doesn't necessarily come cheap — even if the initial price tag is a deal — but the payoff and the satisfaction of having saved home can make it all worth it.