Four indicators a home will be a money pit
Purchasing a home will likely be the biggest financial commitment anyone will make in their lifetime, and if you already have a lot of auto or credit card debt you can't allow this transaction to cost any more than you expected.
To help ensure you won't be spending left and right on your new home, be on the lookout for these signs that the house could end up being a money pit:
Sign No. 1 – Issues with the basement
One of the first places you should look for problems when buying a home is the basement. Before committing to any purchases, be sure you have a thorough inspection completed in this part of the home. Here you can find some clues as to how well the home has been taken care of. For example, if you see sagging floor joints or leaking water heaters, it might be a good idea to move on to a new property.
Sign No. 2 – Mold
When looking through a home, and getting it inspected by a professional, it is important to keep an eye out for any mold. Typically, moisture issues can create mold and it is often hard to spot. However, any unusual smells could be a red flag. There are many types of mold and it comes in different colors, so be sure to look for anything unusual.
Sign No. 3 – Pest infestations
Any type of pest infestation found in a home should be an immediate red flag that it likely isn't a property you want to purchase. If you see any rodents, ants or termites, it is best to pass on the house and find another that better suits your wants and needs. The last thing you want to do is move into a new home and find out you have a rat problem.
Sign No. 4 – Problems with the roof
Another important area of the home to thoroughly inspect is the roof. Should there be any leaks, you might be in for a costly repair. Additionally, a leaky roof could mean that water has been getting into the home, which can lead to mold and other structural issues. Making sure all of the gutters work as well as keeping an eye open for cracked or missing shingles is essential.