Bradenton Lakewood Ranch Sarasota
Real Estate News
Thinking of Buying an Older Home? Here Are Some Things to Keep in Mind
Hazardous Materials
The older a home is, the more likely it is to contain hazardous materials, such as asbestos and lead. Lead is commonly found in paint applied before 1978 and in plumbing installed before 1985. Asbestos can be found in gas fireplaces, roofing, and insulation that was installed before 1980.
Outdated Heating and Cooling Systems
Older homes were likely designed for oil, coal or wood heating systems and later retrofitted with newer HVAC systems, so it's important to understand when and how these upgrades were made. Even a more up-to-date heating system can be inefficient and unsafe if it hasn't been maintained properly.
Houses with cooling systems are likely to be a bit newer, but outdated cooling systems are known to have their own issues. Common problemswith older AC units include improperly working fans, reduced efficiency, refrigerant leaks, and electrical problems.
Termites and Bugs
Depending on where the home is located, termites and other bugs could be a major issue. The National Pest Management Association claims that termites alone cause around $5 billion in property damage yearly. The older the home, the longer it has been exposed to the chance of infestations.
Housing Market
Florida's Housing Market Continues to Show Rising Prices
Sarasota experienced 644 sales last month, and cash sales are at 40% of all sales in Sarasota. The highest price property sold last month was $5,400,000, the lowest price was $65,000 and the median price was $281,000. The average sold price per square foot last month was $170. There are 3,123 active listings and 1118 pending contracts. Call me if you have more questions on the market trends or what the value of your home. 813-716-2792
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