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Buying an Older Home? How to Make Sure You Aren’t Moving into a Money Pit

When you want to buy a home, it’s easy to fall in love with a house and forget to dig deeper. However, when doing so, you can miss huge problems and cost yourself thousands of dollars. Not only that, when buying a money pit, you will waste time fixing the issues. With this in mind, here are four ways to ensure a home isn’t a money pit.
Buying an Older Home? How to Make Sure You Aren't Moving into a Money Pit

Heating and air conditioner systems

When you walk into a home, check out the heater and air conditioner. To start, turn it on and test it out. Make sure the air is the correct temperature when the unit is on. If not, inspect it further and look for anything in disorder or need of repair. Furthermore, look at the filters and inspect them for wear-and-tear. If it checks out, you can buy the house without a huge problem on your hands. On the other hand, if the units are in need of costly repairs, consider moving on to the next house.

Foundation

Without a doubt, a foundation repair job will cost you thousands of dollars and cause you plenty of stress. Now, it’s wise to hire a professional to inspect the foundation as you will otherwise overlook major problems. If the foundation is damaged, consider lowering the offer significantly. While true, in reality, unless you truly want the house, you need to think about saving your time and moving on to another place.

Plumbing

Plumbing has come a long ways from even 20 years ago. Another thing to consider when buying a home is the plumbing. Lead pipes, cracked pipes, warped pipes, broken pipe braces etc.. Make sure to have your potential home inspected by a professional plumber. There is a plumber in Canada that does drain cleaning in Edmonton that is a good example of a professional you could talk to about home inspection.

Roof

Believe it or not, if you buy a house with a roof in need or major repairs, you will spend plenty of cash fixing the issue. Not only that, when waiting to repair the roof, your house is vulnerable. If you still want a house with a damaged roof, remember to lower your offering price and let the seller know why. Usually, they will take your lower offer if they know the roof needs repair.

With these four things to check out, you can save money and time. Otherwise, if you aren’t proactive, you will end up with problems on your hands.

Tim Esterdahl

Tim Esterdahl is the editor of IFCS blog. He is a married father of three and enjoys golf in his spare time.

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