You knew it was a fixer-upper when you bought the house, and you expected to do some work before you moved in. But you didn’t realize how much work the house needed until you started!
Renovations can help boost your home’s value and make it feel more modern. But, experts say you should try to keep the renovations under $15,000.
But, how do you know when to cut your losses and sell the house? Keep reading to learn some key signs that you need to get rid of your money pit house.
A strong house starts with a solid foundation. But, if your foundation isn’t sturdy or has cracks, you’ve got a big problem!
To fix foundation issues, prepare to spend thousands of dollars. Since the house can’t pass inspection with foundation problems, you may need to look for home buying companies like https://www.ibuysd.com/ who buy homes with structural damage.
Old or Poor Quality Wiring
One of the sneakiest fixer-upper costs hides behind the walls. If you find that the home’s wiring is very old or wasn’t done well, rewiring the house can cost a fortune.
But, if you ignore the problem, you risk the house catching on fire at any moment! Either get this fixed or get out from under the house right away.
Uneven Walls in Your Money Pit House
When you stand in the house, does it feel like you stepped into Dr. Suess’s house? You may not be imagining that. If the house has uneven walls, you’ll need to take the house down to the foundation to repair it.
Drainage and Flooding Issues
Another thing to look out for is flooding. When the house sits lower than the yard or rainwater can’t drain, the flooding can cause serious damage!
When you decide between selling a home and repairing it, you may overlook flooding damage until the next rainy season. Try to drive by a house you want to buy on a rainy day before signing any paperwork.
It’s a tough choice when you have to decide when to abandon a house that’s costing you too much time and money. But, sometimes, those issues can cause you and your family health concerns.
If you find things like lead paint on the walls or asbestos in the ceiling, those substances can cause serious illness to anyone in the house! The remediation for these kinds of issues isn’t cheap either. So, it’s often better to get rid of homes with harmful substances inside.
When You Make a Mistake, Cut Your Losses as Soon as Possible
Everyone has a story about a poor business decision. Don’t beat yourself up for making a bad choice about buying a house.
If you find you need to spend more money on the house than it’s worth, it’s time to let it go. The longer you hold onto the house, the more money it’ll siphon from your wallet.
We hope you enjoyed reading this article and that you learned how to tell when a house is a money pit house. For more helpful articles about home improvement, real estate, and more, check out the rest of our blog today!