It's easy to be wowed by the grandeur of a home.
Photo by Orlova Maria on Unsplash
Wide entryways and sweeping staircases can be impressive features in a home. We've seen many homes that appear to be quite grand at first but on closer inspection turn out to be potential money pits.
How do you know if a house is your dream home or a money pit?
- How long has it been on the market? - Ask your buyer agent to look into the history of a home for sale. If it's been sitting on the market for months, there could be a problem. Sometimes the problem is a seller who feels his/her house is worth more than the market value. Or if the house has been under contract once or twice, it could be that previous buyers found a problem during the home inspection.
- Is the house empty? - If a house sits empty for more than a month, there could be problems with mold, water intrusion or more. Recently, a home inspector found mice living in the attic of an empty house. The sellers had no idea because they've been living elsewhere for months!
- Are there GFI outlets in the kitchen and bathrooms? - Ground fault circuit interrupters detect dangerous ground faults and immediately turn off power to stop shocks. GFI's have been required for decades. If you don't see them in a house, it means the house has not been fully updated for a long time. Here's a link to a site detailing the National Electrical Code Requirements. The bottom line is if you are in an area of the house that has water, you need GFI outlets. A flipped house without GFI outlets shows shoddy construction work. This should be a big red flag for home buyers.
- Are you taking notes? - When you are touring a home that you might want to buy, write down all the thing you would change about the house. Even simple things like changing light fixtures (which can be pretty complicated sometimes) painting, updating bathrooms and kitchens, carpet, flooring, deck repairs. You get the idea. When you write everything down, you can't miss the reality of what needs to be done. And remember, this is only what you and your buyer's agent see! A home inspector will, of course, find all kinds of things that went undetected by non-professionals.
- Have you researched the cost and time it will take to make this your dream home? There's a website called CostvsValue. Choose where you live in the U.S. and up pops estimates for remodeling bathrooms, kitchens, decks etc. Put these figures next to your list and ask yourself this question, " Do I have the money, time and access to professionals to get this work done?"
- Visit the house again, with a friend or family member and notes in hand. Does the house look different now? Looking objectively at a home you've fallen in love with is difficult.
It's a bit like a handsome guy with a flashy car who's a real jerk. See what is true sooner than later or it will cost you time, money and heartache.
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