Peoria is a great city in which to buy older, historic homes. These homes may not be as old as some found in Boston, New York or Philadelphia, but some date back to the early 20s. These houses have plenty of character and detail, something that's often lacking in today's modern homes.
Historic homes can also be a great value. They often let you put a little sweat equity into a possibly undervalued home. Unfortunately however, sometimes these historic homes are hiding some potentially big problems. A little information can keep you from making a costly mistake, so be sure to do some research before you buy.
Radon
Radon is a naturally occurring gas that can cause huge health problems, most significantly lung cancer. It enters homes through cracks in the foundation. Radon can be detected fairly easily with a contractor's help. Fixing the problem can be inexpensive if it merely requires sealing the basement, although it may cost big dollars if you have to tear up floors, put in a new foundation or replace plumbing.
Lead
Lead can be a huge problem and cause major health problems. Unfortunately there are a number of areas where lead may rear its ugly head.
- Lead Pipes: Lead pipes were commonly used in plumbing up until the 1940s. Even later, lead was used in the solder used on copper pipes as recently as in the mid-80s. It can be expensive to replace entire plumbing systems, depending on how much of the home must be demolished to get the work done.
- Lead Paint: Theoretically, lead paint isn't always a problem since it only raises a health issue when ingested. Unfortunately, if you have children, you can count on them finding ways to eat the paint. Also the paint may flake or chip and the chips can easily contaminate soil or get into foods or drinks. It really isn't worth taking the risk. Getting rid of lead paint may mean stripping all the old paint from the house, or even replacing its siding.
Asbestos
Asbestos was commonly used as insulation in furnaces and boilers, and even in water pipes leading to radiators. Some vinyl and linoleum, and even certain ceiling treatments also incorporated asbestos. Asbestos must be removed by specialists, which can of course be expensive.
No problem is insurmountable, but you may find the solution budget breaking. Historic homes in Peoria have great potential, but be sure that you carefully evaluate before committing. With a little work, you can have a home that pays off big time.
Reg Gustin is a senior loan officer with Sun American Mortgage and specializes in helping families and their financial lending needs.
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