Key insights

• ⚠️ Old homes may have lead pipes that require complete replacement, leading to high renovation costs
• ⚡ Electrical systems in old homes may not meet modern standards and could pose safety hazards
• 🏞️ Homes in flood zones have high insurance costs, potential for flooding, and increased risk due to changing weather patterns
• 🛢️ Underground oil tanks, including decommissioned ones, can pose environmental and safety risks
• 🖌️ Be cautious of flipped homes with rushed paint jobs
• 💰 Over-the-top custom designs may not appeal to average buyers and could hurt resale value
• 📄 Review seller's disclosure to understand the home's history before physically viewing a house
• 🔍 Check MLS for flood zone information when considering a house purchase

Q&A

• What should I be mindful of when buying a house?

  Be cautious of over-the-top custom designs that may not appeal to average buyers and could hurt resale value. Review seller's disclosure and check MLS for flood zone information before making a purchase.

• Why should I be cautious about purchasing flipped homes?

  Flipped homes by inexperienced LLCs may have quality issues with renovations and cosmetic work. Rushed paint jobs and shoddy cosmetic work should be checked carefully.

• What are the risks associated with underground oil tanks?

  Houses with underground oil tanks, even decommissioned ones, pose potential environmental and safety risks. Decommissioning oil tanks requires proper protocols, permits, and inspections.

• What are the potential issues in homes located in flood zones?

  Homes in flood zones may have high insurance costs, the risk of flooding, and potential hazards. It is advisable to avoid buying homes in flood-prone areas.

• What problems are associated with homes over 100 years old?

  Homes over 100 years old may have issues such as lead pipes, outdated electrical systems, high renovation costs, and high maintenance due to aging materials and infrastructure.

• Why should I avoid buying old homes?

  Old homes may have potential plumbing and electrical issues, costly renovations, and high maintenance. Seek newer homes to save money and avoid problems.

• 00:00 Avoid buying old homes because of potential plumbing and electrical issues, costly renovations, and high maintenance. Seek newer homes to save money and avoid problems.
• 01:49 Old homes have potential plumbing, electrical, asbestos, and safety issues that can be expensive to fix. Homes in flood zones should also be avoided due to potential risks.
• 03:59 Buying a house in a flood zone comes with high insurance costs and risks of flooding due to changing weather patterns. Houses with underground oil tanks, even decommissioned ones, pose potential environmental and safety risks.
• 05:50 The speaker advises against buying homes with buried oil tanks that haven't been properly tested, and warns of potential soil remediation costs. They also caution against purchasing houses flipped by inexperienced LLCs due to potential quality issues.
• 07:53 Be cautious when buying flipped homes with rushed paint jobs, check the history of the home sales, avoid homes with shoddy cosmetic work, and be mindful of over-the-top custom features that might become burdensome later.
• 09:42 Be cautious of over-the-top custom designs in homes as they may not appeal to the average buyer and hurt resale value. Ask your real estate agent for the seller's disclosure to get insight into the home's history before physically viewing a house. Also, check MLS for flood zone information. Don't overlook these details when buying a house.