Real Estate Advice: How to Avoid a Money Pit
Wednesday Aug 30th, 2017
Many people think that serious defects in a home are easy to spot. But, the truth is, often the most serious and costly problems can only be detected upon very close inspection. When you are considering buying a home, look for the following six telltale signs of serious problems, which could spell expensive repairs:
Leaks are the most common problem with roofs and are tough to detect from the outside. However, from inside an attic, you can often see watermarks, which are a sign of leaks or condensation issues.
2. Plumbing System
Make sure you are confident that both water systems – the one that brings fresh water in and the one that takes sewage out – are functioning well before buying a home.
3. Heating and Cooling Systems
Be sure to thoroughly inspect the heating and air conditioning systems in any home you are considering purchasing. This means running the air conditioner in the winter and the heat in the summer to test the units.
4. Electrical Systems
Before you agree to buy a home, make sure that you can operate all major appliances that you may want to run at the same time to ensure that a power failure doesn’t occur. You also want to make sure that the electrical system is safe and does not present a fire hazard.
5. Bad Paint and Signs of Rotting
The paint inside and outside of a house can reveal a lot about the condition of the underlying material. Check several places on the walls to look for any signs of wear. You can also use a screwdriver to poke at the walls to find soft spots, which can be a sign of rot or mould.
6. Cracks and Other Important Signs
Cracks in walls, doors not closing properly and uneven floors can all be signs that there is a problem with the foundation. If the foundation is not strong, the entire house could be compromised, so you should carefully check for these signs. A bad foundation may not mean imminent disaster, but it could be used to bargain for a lower sale price, or you could ask to have the owner repair it before the sale.
The best way to avoid a money pit is by hiring a qualified real estate sales representative who can help you find a home that suits your needs, budget and other important criteria. It’s also advisable to invest in a home inspection before agreeing to buy a home – it can save you thousands of dollars in the long run by identifying key issues and repairs.
Your Mississauga Real Estate Sales Representative
If you are thinking of buying a home within the Greater Toronto Area (GTA), especially Mississauga, I’d love to hear from you! I’ve helped hundreds of homebuyers through every step of the real estate process – from deciding whether or not to buy a house to submitting a winning offer on their next dream home!
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