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Buying older residential real estate property

Buying a home in Louisiana is a major purchase that can have significant financial and legal implications in the buyer's life. It is beneficial for a potential buyer to proceed thoughtfully and carefully through this process, especially if the property is older. Older residential real estate can be unique and come with a lot of character, but it can also come with a lot of problems as well.

Before signing a contract, a buyer will want to make sure to do a lead test on the property. The presence of lead could be hazardous, and if found, there are certain mitigating steps that need to be done. The buyer will also want to make sure there is a thorough investigation of the plumbing. Older homes may come with clay pipes or pipes that need to be replaced. This is costly and complicated to do, especially once a problem arises.

An electrician should look at the wiring to be sure there is not a problem that could potentially be a fire hazard. Insurance companies are also likely to want a potential buyer to check the integrity of the roof as well. All of these are things a thorough inspection would reveal, but it is especially important to check on these things if the home is older.

When making a residential real estate purchase, a Louisiana buyer will want to think about the long-term implications of his or her choices. It may help to discuss objectives with an experienced attorney before making any decisions or signing a contract. An older property can be a good investment, but a buyer will want to minimize the risk of unnecessary costs and complications as much as possible. 

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