How to Avoid Falling in Love with a Money Pit Home

How to Avoid Falling in Love with a Money Pit Home

Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on email
Share on pocket

Many of us dream of owning an older home. One that is full of character and personality. We imagine gorgeous woodwork, wrap-around porches, arched doorways, ornate fireplaces and sweeping carved staircases. Your dreams can become a reality, but be sure to evaluate the work and expense that can go along with owning an older home.

Inspect, inspect, inspect — did I say inspect? I can’t emphasize enough how important it is to have a thorough home inspection. When it comes to older homes, experts recommend two inspections; a standard inspection and a structural inspection. If any significant or dangerous problems are discovered. That information can put you in a strong position to negotiate repairs with the Seller.

The following are some potential problems that may be discovered.

Foundation and Structural Issues

Even meticulously built homes can shift over time, causing cracks in foundations and walls. Doors and windows may jam, chimneys may need realignment and stonework might need attention. Moisture creeping in over time can cause dry rot or corrosion, which can lead to mold or mildew. Older homes have a high risk of termite damage which can devastate floors, structural supports and drywall. This is where having a structural inspection is key. The inspector will discover whether or not the home has any of these problems.

How to Avoid Falling in Love with a Money Pit Home

Hazardous Materials

If the house was built before 1978, it may contain lead based paint inside and out. Professional paint removers can be hired if you are uncomfortable living with lead paint, especially if you have young children. Old lead pipes pose another issue. A water filtration system for the entire house or at least the kitchen faucet is the most cost-effective fix, but you might be faced with replacing all your pipes.

Asbestos was commonly used in insulation and fireproofing material until the mid-1970’s. Old popcorn ceilings probably contain asbestos too. Removal costs vary greatly depending on the size of the project. If you are planning to remodel, asbestos removal is recommended.

Unsafe Electrical System

Find out the age of the home’s electrical system. If it is still the original knob-and-tube wiring, you should get a quote to replace it. Insulation for the wiring needs to be intact and the electrical panel and circuit breakers should be up-to-date. If the original wiring has already been replaced, it must be up to code to be safe and efficient. Check for code with updated plumbing as well.

Old Appliances and Mechanics

Kitchen and laundry room appliances, air conditioning systems, furnaces and water heaters all have an expected lifespan. Your home inspector will check the age of every unit and determine how much longer it should be operational so you can create a reasonable replacement schedule. Figure that into your household budget for the coming years if you decide to purchase the home.

Trees, Leaves and Roots

The beauty of a long-established neighborhood is usually a big plus when buying an older home. Towering trees and mature flowering shrubbery have great appeal, but keep in mind the price that comes with them.

How to Avoid Falling in Love with a Money Pit Home

Trees need to be trimmed regularly or you risk dramatic problems when they are covered with ice in the winter. Autumn brings bushels of leaves to be removed — not to mention the smell of burning leaves in the air. Old, tall trees have long roots that can crack foundations and sidewalks or grow into plumbing systems. Be sure the Seller has stayed on top of keeping tree roots out of the plumbing systems. Have the sewer lines inspected for any roots or cracks.

Closing thoughts:

The purpose here is to simply make you aware of hidden costs when you find your perfect antique dream home. There are plenty of excellent reasons to buy an older home. They are usually in wonderful locations close to downtown cores. You are likely to find a long-established, close-knit community with lots of history. Old houses are in limited supply and if you have a gem in a desired part of town, it will likely always be in demand when you decide to sell.

Scroll to Top