There are a lot of interconnected topics with this issue.
In my opinion....It boils down to a risk-reward balance for you.
Are you under contract? What does your contract specify regarding the inspection period and your ability to cancel or renegotiate the contract? If you are under contract, the contract should explain your rights and responsibilities.
There are many homes that were built or renovated pre-code that have excellent, long-lasting construction techniques, materials, and workmanship.
Do your homework. Get as many professional opinions about your contract, the quality of construction, the mechanical systems, alternative properties, etc. When were the renovations done? Have the renovations stood the test of time, or are they recent?
No home is risk-free. Only after you develop an opinion about the riskiness of this particular home will you be able decide if the price is fair.
Peter S Shoberg
There could be many set backs for you as the buyer from insurance to resale. If you ever sell, then the new buyer could see this as something they want resolved prior to closing. If the remodel wasn't done up to code, the city will be on your back.
If you're under contract, you may be able to have your agent negotiate that these matters be addressed. You may be able to get your earnest money back if the seller refuses to correct the matter.
Syan Real Estate
Call/Text: (505) 730-8181