Money Pit Red Flags: What to Avoid When Buying a Home header image

Money Pit Red Flags: What to Avoid When Buying a Home

After months of house hunting, you’ve finally found the perfect house and you’re ready to lay out that down payment on a new home. Buying a new home can be exciting but investing in a money pit is not.

From improper ventilation to roof issues, watch out for these money pit red flags:

Roof Issues

Your roof is your main line of defense against the elements. Before you buy a home, pay careful attention to the age of the roof and any potential leaks or issues that might require maintenance. Your home inspector will likely be able to tell you the age and material type of your roof. A poorly maintained or leaky roof can lead to serious trouble and money down the road.

Foundation Issues

A poor foundation can lead to water leaks in the basement, resulting in mold. Correcting foundation issues is costly so have a thorough look at the foundation. If you find any cracks wider than the width of your pinkie nail, it’s a money pit red flag. Also check other hard surface floors and drywall for cracks.

Mold or Mildew

If you smell musty odors and dank air, you could be dealing with mold or mildew. Mold or mildew is often the result of improper ventilation. Mold problems aren’t always easy to detect and could require a professional inspection. Actively growing mold could damage the structure of the home and trigger allergies. It’s a good idea to check for signs of mold around air conditioners, windows and cellar floors. The cost of mold remediation can be pricey!

Termites or Other Pests

Make sure your new dream home isn’t also the home of choice for termites or other pests. The sooner you’re able to complete a termite inspection, the better off you’ll be. However, termite activity isn’t always easily detectable during certain seasons. It’s a good idea to always look for signs of an infestation, which could include piles of discarded wings, mud tubes near the home’s foundation and cracked or bubbling paint in certain areas of the home. Getting rid of the termites is just the first step. You’ll also need to repair any damage, which could set you back thousands.

Water Stains or Damage

Unsightly brown circles on the ceiling or trickling brown lines down a wall should be a big money pit red flag. Water stains might be an indicator of a major roof leak, which can be very costly to repair.

Protect Your New Home with Farm Bureau

Before you settle into your new home, connect with your local Farm Bureau Agent. We know that a home is more than a roof over your head; for questions about how to protect your home and the other things that matter most, contact your agent. 


 

Sources:

https://www.gobankingrates.com/mortgage-rates/telltale-signs-moving-money-pit/

https://www.moneypit.com/money-pit-blog/home-inspection-red-flags-buyers/

http://www.consumerreports.org/cro/news/2013/06/five-signs-the-house-you-want-to-buy-is-a-money-pit/index.htm

http://www.homes.com/blog/2015/05/money-pit/

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