How to avoid a money pit

Unless you’re in the business of flipping houses, you don’t want to buy a money pit! In this article, we will look at some of the major issues of  a house to consider before your purchase.

How to avoid a money pit

The worst thing in the world is to buy something, only to find that it will cost you much more money than you’ve already spent. In this article we are going to look at a few of the major cost issues of a house to be aware of before your purchase.

  • Age – Was it built before JFK was president? The older the home, the more the upkeep and maintenance costs. Remember, when you’re excited about those “antique” fixtures and charm, that just means they are old! The older it is, the closer to replacement.
  • Plumbing – Be mindful of the plumbing condition. Are the drain pipes cast iron, do you see signs of leaking, how old is the water heater? Did you know the life expectancy of a solder joint in a copper water line is at least 50 years with good water condition?
  • Heating and Cooling – Replacing a furnace or A/C unit will cost thousands of dollars! If you are old enough to buy a home and they are older than you, it’s time to replace them.
  • Electrical – Electrical code has changed a lot since the 1970s! If  you notice an old breaker box, or the house is full of two prong, ungrounded outlets, an update is needed.
  • Foundational – Cracks in the foundation can lead to structural issues and even water damage. This is a major cost, and one to consider when purchasing a home.

Buying a house is a huge decision! Make sure you are armed with enough information so you don’t get caught in a money pit!