The Monarch Group Real Estate Blog

How to Avoid Buying a 'Money Pit'

Buying a home is one of the most exciting times in a person’s life. But it can also be a the most nerve racking. How do you know the home you’re buying truly is a good investment?

Here’s how you avoid buying a “Money Pit”

Always make sure to check the quality of the construction of the home, especially in areas that matter most. The structural stability of the home is always the most important feature.
Check for a basement, and if the home has one, take an in-depth look. The basement is the most revealing part of a home, allowing you to see the plumbing, heating and air conditioning, and construction quality and materials. You’re standing in the foundation of the home!
Examine the foundation. Don’t worry about calling in a structural engineer, just look for a few warning signs in and around the home. Such as, are there large trees close to the homes exterior? If so, the roots can grow towards the home and cause the foundation to become weak or crack. Also, check floors and dry wall for cracks.
Look long and hard for water damage. Some of the most costly damage that can happen to a home comes from water leaks. Be sure to find if any exist. Check the bathrooms and kitchen, but also check around windows and other seals to see if storm water is leaking through.
Don’t forget to check cosmetics. They may seem like quick fixes or things you can look over, but unless your budget calls for a major face lift you will eventually find yourself in a money pit.

Having a good real estate agent helps avoid the stress of investing your money in the wrong home. We are here to help you seek out these answers and make sure you’re getting the best home possible, for the best price possible.

Contact the Elizabeth Monarch Group for more information.

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