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How to Recognize a Money Pit 

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Money tubeYou’ve heard of houses that quickly turn into money pits. You’ve probably watched your friends or family members buy them. But you cannot always tell if a house is going to become a money pit when you first start looking at it. When you are buying a home, here are a few things to look for if you want to avoid a money pit.

  • A bad roof – A bad roof usually means that there are other problems in the home, too. A roof that leaks, has not been well maintained, or needs to be replaced before the next rainy season, could all be indicative of a roof that has let moisture and pests into the house. You might be able to repair the roof, but if there is rot or mold throughout the house because of a bad roof, you’ll find yourself dumping thousands and thousands of dollars into your home, with no end in sight.
  • Shoddy plumbing – This is common in older homes, especially, where the plumbing has not be replaced recently. If you are going to be dealing with an outdated plumbing system, you’re not just going to be dealing with more frequent clogs. You’re also going to be dealing with leaks in the walls of your home, poor water pressure, and bad drainage. These can make it impossible to live in your home.
  • Old wiring – Just like with old plumbing, if the wiring is out of date and has to be updated in order for the home to be functional and/or safe, you are going to end up dumping money into the house—money you might not have– to throw at an issue that should have been taken care of before your moved in. Ask about the electrics. When was the last time they were inspected? When was the last time they were replaced?
  • Water damage – A few spots of water damage might not seem like that big of a deal, but they can be indicative of a more expensive problem, and unseen problem, throughout the house. Look for stains in cupboards, on ceilings, and on floors of rooms like the kitchen and bathrooms. If you can see water damage in the rooms, there is likely even more extensive damage in the walls.

 

 

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