Signs That Property You’re Interested in is a Money Pit

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It’s easy to feel pressured into making an offer on a property you like, especially if you’re buying in an area where homes on the market get snapped up pretty quickly, but it really isn’t a good idea to go ahead with a sale without doing your due diligence first.


A home which appears to be in good shape at first glance might actually be a money pit when you look at the details. That’s why you should, at the very least, keep an eye out for these tell-tale signs that the property you’re interested in might not be quite as good a deal as you might think:


A Shabby Roof


Although a lot of homeowners don’t think of it as being so, the roof is actually one of the most important parts of any property. It is, after all, the home’s main defense from the elements. If the roof is in shabby condition before you buy, then it won’t be long after you move in that you need to call in a good roof repair service to deal with all manner of problems, including leaks. What you should be on the look out for in terms of the roof is missing slates, cracks or holes. If you’re serious about buying a property, it is always worth paying for a roof survey to look for this stuff.


Dodgy Plumbing


If you’re interested in an older home, I can’t tell you just how important it is to have the plumbing checked out. Older homes may be beautiful, but their plumbing systems are often pretty old, and that could lead to costly leaks and expensive plumbing service bills. So, make sure that you check the pipes, showers, toilets, and tubs to ensure they’re free from leaks and blockages and that the pressure is adequate.

Outdated Electrical Wiring


Older homes might also have issues with old electrical wiring, which is nowhere near as safe as modern wiring, and which depending on its condition could even be illegal! If that turns out to be the case, you will have to rewire the whole property once purchased, and as you can imagine, that won’t exactly be cheap. Signs that wiring is out of date include wiring that is wrapped in cloth and old fuse boxes, Be on the lookout for them before you make an offer.


Faulty Foundations


Foundation issues can mean, not only that your home is a money sink, but that your home actually starts to sink too! Buying a home with faulty foundations is just asking for trouble, so be sure to check for cracks that are wider than the nail on your pinky finger in the walls, basement floor, and drywall, when looking at that property.


Water Damage


Damage caused by water can be the most expensive to repair, which is why you should always check that caulking around sinks and showers is in good condition and that seals around windows and doors are sound. You should also look for water stains, which could indicate a problem that hasn’t been dealt with.


If you notice any of the above, it doesn’t necessarily mean you shouldn’t buy the property, but you should take any possible repairs into account, and perhaps try to get a better deal on your purchase.

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