Purchasing a home can be a good investment, but at the end of the day, you need to make sure that your property is not turning into a money pit. Having some small repairs now and again may not be a bad thing, but if you feel as though your home is quickly becoming too costly to maintain then this indicates that you need to make a change. Here are some signs your home is becoming a money pit.
Problems with the Foundation
Your home foundation will support your entire home. Major issues here will set you back tens of thousands. It may be that you have walls that bow, a moldy basement or even collapsed crawl spaces. You may also spot large cracks and shifted masonry. If this is the case then it’s so important that you hire a structural engineer as this will help you to deal with any problems before they affect too much of your home’s value.
Updating your electrical wiring is, believe it or not, a huge expense. If you know that the house you are looking at has various wiring issues or if you see fabric-covered wires then this would indicate that the wiring is bad. Other signs include whether or not you have an old fuse panel instead of a nice, modern panel. If you have old wiring then this could indicate that there are, in fact, other issues with your home. If you want to stop this from becoming a problem then you need to make sure that you do everything you can to try and deal with the issue as soon as you can. If you have old electrics then there’s a chance you have asbestos as well. If you suspect that you have lost someone as the result of asbestos exposure, consider hiring a dead from mesothelioma lawyer.
Red Flags with Roofing
If the home that you are buying is a fixer-upper then you can expect to have to replace some of the roofing shingles from time to time. If you know that the roof has several layers of shingles missing or if you notice that the roof is sagging, then you need to look at replacing the sheathing as well as the roofing rafters.
Termite damage, or even worse, active termites can easily incur steep costs. The issue is that structural damage that is caused by wood-boring insects can often lie within the walls or the floor and this isn’t always visible. You need to make sure that you look carefully and that you also make sure that you explore any signs of infestation as well. Before you buy any property, it’s a good idea for you to explore the house and get a professional inspection done if possible.
Slightly sloping walls don’t mean that your house has a structural issue, but it does mean that you need to hire a reputable contractor if possible. Signs that your house framing is questionable can include gaps in the baseboards, the flooring or anything else of the sort. You may also experience bowed siding and even doors that do not close properly. Having floors that bounce, sag or dip can also be a sign that you have issues and that your house is quickly becoming a money pit.