Buying a Pre-1978 Property? Watch Those EPA Guidelines!
New real estate investors who either want to flip or rent properties often lack the funds to buy expensive homes, so they are inclined to look for less expensive ones. One way to find a more affordable alternative is to look for an older home. But these homes are often fraught with problems, such as outdated floor plans, small bedrooms, closets and bathrooms, and older electrical, plumbing, or heating and air systems.
And then there’s that pesky lead based paint problem…
Prior to 1978, 38 million U.S. homes contained lead-based paint on both the exterior and interior walls. Before 1940, 87% of the homes built in the U.S. had lead-based paint. From 1940-1960, the percentage declined to 69%, and between 1960-1978, the percentage dropped off to 24%. In 1978, the use of lead in paint in residential properties was banned.