How To Tell if A house is Going to Be A Money Pit

Written by Posted On Friday, 13 March 2015 20:34

The condition of a home is a significant consideration in most real estate transactions. A high percentage of the complaints voiced by buyers against home sellers involve the condition of the property. Condition issues that are not corrected in a timely manner can in some cases, worsen. There are some things you can look for while you house hunt so that you don’t get all the way to the point of making an offer only to find out there are expensive problems with the house.


Some of the first things you should ask during an open house are:


how old is the roof, when was the last termite inspection, is it lead-free (for older houses), does the water pressure hold up if water-intensive appliances are running (such as the dishwasher). But, of course, that is just the beginning.



When you’re walking around the property:


Check the angle of the land around the house to make sure water drains away from the house and look in the basement to see if there are any water marks indicating rainwater has leaked in.


Ask about the existing warranties for the major appliances (like air conditioning units, hot water heaters).


Look for cracks in the walls to see if the house has started to settle. While you are walking around try to get a sense if the floors slope, which can be another indication of settling.


Ask about major repairs that have been done on the house over the years.

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Josh Feinberg

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