It can be easy to fall in love with the home only to discover at the inspection that the home needs a mountain of work done to even make it livable. But, you’ve already fallen in love with it and it can be easy to see past these flaws just because you want the house. But, give it six months and you’ll realize you didn’t love the house as much as you thought and now you are stuck repairing, replacing, and updating tons of items or projects in the house.
So how can you avoid a money pit when buying a home?
Try to keep your emotions at bay when looking at some of the major structural issues on a home.
These will include
- Foundation and structural issues: cracks in foundation, walls, jamming of doors and windows, realignment of stonework or moisture keeping in through the foundation or basement.
- Hazardous materials: If a home was built before 1978 it may contain lead-based paint and the current owner may not know if it does for sure or not. Lead pipes can pose an issue for water filtration and asbestos used in insulation and roofing materials may be in the home if it was built prior to the mid-1970s.
- Electrical systems: If knob and tube wiring are still present it should be replaced and this could be thousands of dollars. Make sure current wiring is safe and up-to-date.
- Old appliances: kitchen and laundry room appliances, furnaces, water heaters, HVAC systems, and air-conditioning systems all have a lifespan so it’s important to check the age of these items and what it would take to replace them if necessary both now and in the future.
- Tree roots: Trees are beautiful but well-established trees close to the house could have problems with roots burrowing into water pipes, electrical pipes, or your foundation.
It can be very easy to let your emotions get the better of you but in six months when you’re having to put $50,000 worth of repairs into the home, you will definitely have a different range of emotions. Try to see the house as a product rather than a beautiful home so that you can make an informed decision during the inspection process, negotiations, and overall purchase.
