Buying a home and becoming a legal homeowner is an item in most people’s bucket list. Being among the most significant milestones in your life, you save for years or even decades and make huge sacrifices. For this reason, when you get to the time of purchasing the house, there are some critical considerations that you need to make to avoid breaking the bank on an investment that will go down the drain. Considering that there are rare honest dealings in the world, you cannot make the critical decision to purchase a home solely based on its appearance. You will need specific tips that will help you determine whether or not the house that you are about to purchase is worth your investment. Here are some of the tips to put in mind before you take the plunge to avoid making an investment that will soon become a money pit.
Consider The Neighborhood Surrounding the Home
More often than not, a home is considered a money pit when there are numerous repairs and maintenance issues to be done. However, it is possible to have a perfect home with no repair issues that will be considered a money pit. A good house located in a lousy area exposes you to risks of losing the potential property. Additionally, it will be hard for you when you want to resale the house. For this reason, when looking for an ideal dream house, be sure to consider the area surrounding it. Consider the security in the area, the health of the area, and the social amenities surrounding including your workplace to help you avoid investing in something that will lead you to future regrets.
Get A Home Inspection
Getting a home inspector is one of the things that you may be tempted to do away with when buying a new house to try and save a coin. However, without a home inspection, you risk spending your life savings or mortgage on a money pit. The inspector will quickly identify some of the issues that you can fail to grasp on a DIY inspection. For instance, the inspector will help you identify issues such as leaking or a worn-out roof that would need repair or replacement before buying. On the other hand, the inspector will help you identify cracks on the foundation and rotted windows, among other issues in the house. Nevertheless, ensure that you trust the inspector you are working with since a wrong home inspection is a money pit by itself.
Check Out the Basement
The basement of the house that you are about to purchase will also help you know whether or not you should purchase it. Although the inspector that you hire will advise accordingly on how they find the situation in the basement, there are some issues that you can identify on your own to tell you whether you should go on with the investment or not. For instance, past moistures that will be seen through water spots and stains, drip lines, or a musty smell are red flags. Additionally, cracks on the foundation and especially on the outside, will also indicate that all is not well. This could suggest that the previous owner of the house had some problems with it and repaired it severally. You can consult with your real estate agent such as movoto to get a disclosure sheet of the house that you are about to purchase. If the issues there are minor, you can go ahead and fix them. However, if the issues are alarming, do not risk investing in a money pit.
Electrical System
The electrical system of the house is one of the most important systems in your home that you need to function correctly. For this reason, if you move into a house with many electrical problems, you risk spending a fortune on the repairs. Therefore, before you move into a new house, check the electrical system to avoid falling on a trap in that. Check whether the house has an old and undersized electrical panel that will cost you a lot.
Additionally, ensure that the volt-service in the house is in a position to handle the various electrical needs that you have, putting into account those that you wish to add in the future. The only issues that you should condone in the new house you intend to buy are those which cost below $1000 and are not recurring. However, run away from the pitfall of having to re-do the wiring system of the house after you have bought it.
Drainage and Plumbing System in The House
The drainage and plumbing system are some of the potential areas of repair in any home. For this reason, to avoid investing in a money pit, explore the plumbing system in the house, and make sure that it is done professionally. Look out for old pipes that could mess up the whole plumbing and drainage system within a short time. On the other hand, consider the drainage with the downspouts and gutters. If they have had repairs and fixtures before, there may be more problems in the future unless the causes of these issues have been solved.
Infestation by Insects
A house that has been infested by insects is prone to many damages and make you incur costs. For this reason, you will need an expert to confirm whether there is a pest infestation. Some of the signs that you can use to tell are such as urine stains, teeny sawdust piles, or insect wings, among others. You can also look for other signs of infestation such a sagging ceiling, floors, and walls. Therefore, before you purchase the house that you find such signs of infestation with, consult a professional from the movoto real estate agent to advise on whether or not to proceed with the buying. Ignoring such issues will not only lead to wastage of money on repairs but also put you and your family in a health and safety hazardous house.
Purchasing a house where you and your family can call home is not only a significant achievement but also a dream come true. However, if you are not careful, you may end up breaking your bank and sinking thousands of dollars into fixing and maintaining your dream house. Consider the tips above when purchasing a new home and avoid leaving your wallet empty on a money pit.