There are various methods of handling the situation, from complete removal, which is very costly, or encapsulation of the lead paint, which refers to painting over lead surfaces with a specialized paint. Children are at extreme risk in a home with lead paint, but adults are hardly affected. If you are the landlord of a home that has lead paint in it, you must make full disclosure to potential renters. Sellers would need to also make full disclosure using a document called a lead-based paint disclosure statement that pertains to any home built prior to 1976. You must assume that any home built before then was at one point painted with a lead-based paint. There are kits you can buy at Home Depot or Lowes that let you test for lead-based paint. They are cheap and pretty accurate. It is worth checking into if children are involved. No doubt about it.
The bigger question is if the house still has lead paint does it have insulation, energy efficient windows, an efficient heating/cooling system, and other electrical items that eat energy. Consider that an old furnace if replaced can pay for itself in under 10 years when replaced with a new energy efficient one. And insulation can cut heating bills in half.
If lead paint is a worry find out how much it would cost to remove. Then once you know that make an offer if you are still interested KNOWING that cost will be added to your offer.
Michael, if there is anything I can help you with please don't hesitate to call. My wife and I are both full time Realtors in Fort Wayne and would love to work with you. Thanks and have a great day!
Please, let me know if I can help with anything else.