First time home buyer here in the Philadelphia suburbs, all the single family homes are way too old like built in 1950 / 60s although some have been upgraded. What are the risks and headaches on living in such old homes?

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Drawbacks: Lead poisoning, asbestos, old/out of date electrical

Benefits: Better value for sq ft than new build, often better quality framing.

Honestly I prefer a older home over a McMansion as they quality is super low. And a quality new build will be MUCH more expensive than and existing. As long as you don't have chipping lead paint you're good

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Thank you for your reply. All the drawbacks could be repaired or upgraded rt.?

Not necessarily:
Lead poisoning only happens if you ingest the lead. So unless you have places where old paint rubs (doors windows) to create dust, or you have chipping (siding, window sills) it's not a problem. Typical solution is to just simply encapsulate (paint over and cover any lead paint)

Asbestos: only dangerous if you disturb it. Again simply covering it with tape and such will suffice.

Old electrical: depends. Aluminum wires or old panels would be replaced asap. Knob and tube or other kinds of wiring are fine if we'll maintained.

Get a good home inspection done and that will inform you of potential hazards

You’ll find out if there are any issues during the home inspection and can either ask for credits or have them repaired.

You’re getting a home with character and history. To me it’s a no brainer to go with an old home, especially with how awful new construction is.

The home inspection only reveals a percent of problems and usually more superficial problems. Home inspections aren't the catch all unfortunately.

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