6 Ways To Avoid Buying a Money Pit! (2024)

What if you bought the home of your dreams and then it suddenly became a money pit or financial disaster?

Hopefully you’ve seen my posts on Inspections where I explain what an Inspector looks for during a home inspection and why a home inspection is so important.

Aside from the role of the Home Inspector you hire to do a home inspection, I’m going to share critical things you should look out for when buying a home, that might lead to expensive repairs in the future (once you own the home).

Unfortunately, some people think that if a defect is ‘THAT’ serious in a home then it will be easy to spot.

Others rely solely on their home inspector. And like I said earlier in my post about home inspections, the role of a home inspection by a good home inspector is very important.

But some of the most serious and costly problems in a home you’re thinking of buying can only be detected upon very close inspection.

So here are some things that you (and your Inspector) should pay extra careful attention to if you want to avoid costly repairs and headaches in the future:

1. The Roof:

Leaks are the most likely problem you want to be careful of regarding the roof.

Roof leaks can also be difficult to detect from outside – especially in the winter if there is snow up there.

However, from inside an attic, if you hire a good Home Inspector they can often see some tell-tale signs & indications if there is a water leak.

Some also have infrared equipment that can detect moisture in areas where there shouldn’t be any moisture.

2. Plumbing:

There are 2 components to the plumbing you need to focus on. And both can be very difficult and expensive to fix if there is a problem.

The first is the water pressure & quality of water coming in to the home.

The second is the drainage and outage of water that flows down the drains and out of the home.

3. Electrical:

Many people rely on an Inspector to plug a little doohickey (I think that’s the technical term) into each electrical plug to make sure it’s functioning properly.

Here’s a little experiment you can/should try that most people don’t think of.

During your home inspection turn on all of the major appliances and then plug in some power heaters or devices that ordinarily use a lot of power.

You know the ones where sometimes you turn them on and the lights go out because there was a power overload to the breaker?

Make sure they all work without having a power failure.

Of course the home Inspector should be helping you verify that the electrical system is safe and there are no fire hazards.

4. Heating and Cooling Systems (also known as HVAC):

You want to make sure the heating and air conditioning systems in any home you are considering purchasing are working properly.

5. Signs of Rotting In The Paint:

The paint inside and outside the house (specifically around window frames on the inside & outside or shower doors in the washrooms) can reveal a lot about the condition of the underlying material.

If you see signs of paint discolouration, mildew, or mold, it calls for more investigation.

Another thing to look for is softness (in the same areas I just mentioned).

A great trick is to use a screwdriver for poking. You don’t want to damage someone else’s walls where there isn’t damage.

But if the sheetrock (aka drywall) is in tact it should be hard. If it’s soft and a screwdriver can go through it easily there’s a problem.

You definitely want an Inspector with the proper electrical devices to get a reading on moisture and investigate further problems.

Once water or leakage starts happening behind the walls, well let’s just say that can be one of the biggest problems any house can have.

6. Cracks and other important signs:

Cracks in walls, doors not closing properly, uneven floors can all be signs that there is a problem with the foundation.

Some settling for any house is normal. But depending on the age of the house and the severity of the problems you identify, If the foundation has problems, there is nowhere to go from there but down (literally). So you want to investigate further.

If you are thinking of buying a home and want to talk more about how to do it safely and smoothly I’m always happy to chat.

The third option is that you can choose to not proceed with the purchase of that home.