4 Signs Your Dream Home Could Be A Money Pit

It’s finally happened! After perusing the housing market for months, you finally come across what looks like the home of your dreams. It has all the homestead features you have been looking for, there is that new home smell when you walk through the door, and there are all the amenities you could ever hope to have situated nearby. As the real-estate agent gives you the contract, rubbing his hands with glee at the prospect of a sale, you start to sign on the dotted line. But wait! Are you making the right decision? Could this dream house actually be a money pit? If any of the following are true, then yes, it could be. Sorry real estate agent, but you can’t sucker us into buying!

4 Signs Your Dream Home Could Be A Money Pit

There are structural problems

Not always easy to see, but there are signs that will suggest the property has structural issues. There may be cracks in the walls, floors or ceiling. Doors and windows may be improperly fitted. There may be signs of water damage beneath the property. If any of these are true, then your senses need to be alerted.

Our advice is this: hire a home inspector to give the property a thorough assessment. He will let you know how serious some of these problems are. You don’t want to spend a fortune on maintenance bills after buying, so if he advises you against the purchase, use your head and not your heart, and keep looking for somewhere else to live. He is only protecting you from buying a money pit.

There are signs of mold

If the house has been piled high with air fresheners and scented candles, you need to be a little suspicious. What kind of smell is the real estate agent trying to hide? Chances are, there could be mold and mildew in the house, so you really do need to examine every room and surface.

You can easily spot the problem – the air may be dank, for example, or there may be telltale black spots visible around the windows or in the corners of the room. There are plenty of ways to stop mold growth, so this doesn’t have to be a dealbreaker, but you need to assess how big of a problem it is before buying.

There are too many cosmetic problems

Every home has a few cosmetic problems. Creaking doors, loose floorboards, cool drafts, nail holes, unsightly stains (probably covered with a rug), torn wallpaper… the list goes on an on. One or two issues won’t matter, and they won’t break your bank to repair or replace them, but if you count more problems than the fingers on your hands, then you do need to think twice before signing on any dotted line. At that point you pretty much are undertaking a money pit.

There’s something in the basement

Has the real-estate mysteriously lost the keys to the basement? Does he look at you with a nervous smile when you mention it? Chances are, there are untold problems within the room, from rat infestations to problems with the plumbing or electrical systems. You need to force your way through the agent’s barricades and give the basement a thorough inspection. This is one of the most problematic areas of the house, and the biggest reason why the property could turn out to be a money pit.

Final thoughts

Of course, the home of your dreams may be just that. The issues may be non-existent or relatively minor. Still, you do need to inspect the house thoroughly, with or without a professional. You should also visit the property after a period of bad weather, rather than look around on a beautiful sunny day. Only then will you notice the extent of particular problems. Buying a home is stressful, but due care and diligence when shopping around will save you a lot of stress in the future. And, even moreso. it can save you from buying a money pit.