Dream Home or Money Pit
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Are you buying your dream home or a money pit? Here are 7 things to look for before handing over your hard earned savings.
Have you ever met anyone who bought a home and didn’t discover afterwards that something more needed to be repaired that wasn’t made clear before the purchase?
I haven’t.
Almost every home purchase comes with some surprises. Some minor and some major.
After 30 years of repairing and renovating homes, I’ve learnt a thing or two. I’m going to share with you 7 things to pay careful attention to so you can rest assured that you’ll be getting that Dream Home instead of that Money Pit.
Remember one thing...you’re not buying a home, you’re buying a house. You will make it your “Home”. But more importantly remember this, that house is only as good as how well it protects the things inside.
#1 Is the roof in good shape? Are there water, rodent or rot issues. Replacing a roof can be quite costly. Check it out very carefully especially around chimneys and along the ridges and valleys or wherever there is a vent or a pipe coming through the roof.
#2 What is the foundation like? It should be sound, dry and crack free. Everywhere there is a crack could be a serious complication down the road. Is there efflorescence (white chalky looking powder) on the walls in your basement or crawlspace? Does the foundation have proper weeping tile around it to prevent water from sitting against your house and causing more damage? Weeping tile is the drain pipe and rock placed around the foundation of a house to keep the water from penetrating the concrete on a consistent basis.
#3 How are your doors? Do the doors open and close properly? Do the exterior doors all have the proper weather stripping? Check them out. Open and close them. If there are doors that don’t close easily, that could be an indication that there are issues with the framing loads and structure of the house.
#4 Are your windows wood, vinyl or aluminum. Depending on where you live, this could be an issue. Are they new or old? Are they double glazed, argon and low E? Double glazed window energy efficiency can be increased by substituting dehydrated air with an inert gas, such as argon. Low E windows have a microthin coating on them that allows them to reflect UV (ultra violet) and IR (infrared) rays without losing the light that the sun provides. Windows can be expensive to replace especially if you need custom sizes. Check also to make sure that if they are double glazed that they are still sealed. Heat loss through badly sealed windows can be hard on your bank account.
#5 Insulation in an attic is sometimes the most ignored element of a home. Your insulation should be at least R40 to R60 in an attic regardless of where you live. Insulation not only keeps the heat in, but it also keeps the cool in.
#6 Floors are another crucial item to look at in your home. Are they level? Being flat is not the same as level. If they are not level, there could again be framing issues. These items could mean that the bones of the house (initial framing) have been damaged.
#7 Plumbing and electrical issues can be the most costly. Have a qualified electrician look at the panel box and check the condition of some of the plugs. If they are in bad shape, plugging a device into them could cause a short with could result in a fire. Flush a few toilets as well. Run the water through the taps. How long does it take to get hot water. The longer it takes, the more water you’re wasting down the drain. Is the hot water tank in good shape or does it need to be replaced? While you’re at it, take a look at the furnace. Will it provide you with the proper heating?
There are so many more issues to look at but these are the main ones that can cause that Dream Home to become that Money Pit.
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