Signs a House is a Money Pit
Signs a House is a Money Pit
A house doesn’t have to be perfect to be worth buying. Sometimes buyers can get a huge discount if they are willing to handle small repairs and do cosmetic work themselves. However, some issues are extensive and costly. They can signal a house with structural flaws. Some problems can make it impossible for you to get financing.
How do you tell when to jump on a bargain and when to run away as fast as you can? Here are some imperfections you can live with and some you should avoid.
Flaws You Can Overlook
If the home you’re considering just has some dated features, it’s still worth considering. Here are some flaws that are easy to fix and could result in you being able to negotiate a better deal on your home.
- A home that wasn’t recently built. While you’ll need to put money into maintenance and updates, older homes offer charm and craftsmanship you might not be able to find in newer homes.
- Ugly paint. Paint is one of the easiest and least expensive things to fix. If you have the vision to see beyond bad paint you could score a deal.
- Wallpaper. Peel it off to refresh your space.
- Old appliances or flooring. These updates are cosmetic and easy to fix.
Signs You Should Run
The roof is near the end of its life. The seller’s disclosure should tell you the approximate age of the roof, but don’t just rely on that. Look at the shingles. If they have a silvery sheen to them the top asphalt layer has worn off from time or hail damage. If the roof appears faded it may need to be replaced. Look for cracked or missing shingles or sagging in the roof line. If you suspect a problem call a roofer to inspect.
A new roof isn’t just expensive. If the roof on a house you’re buying isn’t good, your insurance company could refuse to cover the home. If you can’t get insurance coverage, you can’t get financing.
The house shows signs of structural or foundation problems. Look for cracks in the sheetrock inside or stair-step cracks in the brick outside. If windows are hard to open or doors stick, the structure of the home could be off.
Foundation repairs aren’t just expensive, they hurt the value of your investment when you go to sell. You’ll have to disclose foundation repairs when you go to sell again, and this could scare off potential buyers.
The electrical system is outdated. If the wiring in your home is decades old it may need to be replaced. Hire an electrician for an inspection to make sure you don’t buy an expensive fire hazard.
Signs of termite damage. These pests can do extensive damage to the structure of a home. You can’t always see when termites have chewed through walls, floors and exterior supports. Have a termite inspection to be sure your investment is safe.
Always opt for a professional home inspection before you close the deal on a home. A reputable inspector can spot problems you might miss.
Hire Realty can help you find the home that meets your needs. Contact our professional team today to find what deals are available near you.