Sometimes there’s a home you fall in love with despite its flaws. You have to weigh the pros and cons of a house you are interested in buying. And sometimes the cons outweigh the pros. You don’t want to buy a house that will end up being a money pit. So how do you know if a house is a money pit? Here are the warning signs you need to look for.
- Issues With the Foundation
- Outdated Electrical
- Excessive Roof Damage
- Problems with the Plumbing
The foundation holds up the home, so when there are problems with the foundation it can affect the rest of the house. Look for cracks in foundational walls as well as cracks in the sheetrock on the first floor. Cracks in corners, windows, and doorways are also signs there are foundational issues. Check the exterior of the house as well because tree roots can cause foundation issues.
Mold is not only dangerous to breathe, but it also means there could be leaking issues that have lasted a long period of time. A little bit of mold shouldn’t be a problem, but if there is a lot of mold then the house could be a money-pit. Look for mold in areas around sinks, pipes, and in bathrooms.
Infestations of rodents, termites, or other insects could mean very expensive damage to the house. These types of infestations cause structural damage. Getting a professional inspection can reveal these issues before a house is bought.
An outdated electrical system could mean you have to redo the entire house and cost a fortune. Look for single, fabric-covered wires on white insulator knobs or an old fuse panel. These are signs of outdated electrical.
If a roof is semi-old, you’ll probably have to replace a few shingles. But if the roof is so damaged that it’s caused problems within the home, then it’s likely the roof rafters and sheathing will have to be replaced as well.
Old plumbing tends to start deteriorating, causing water damage in the ceiling and in walls. Look for poor water pressure as a sign of bad plumbing.