Fixer-uppers are appealing, especially if you think there is potential in a property. Bonus if you are an HGTV fan. It also seems like a great idea if you want to save money on your home purchase. Likewise, the opportunity to put personalized touches and let your creativity show in the home can be exciting.
A fixer-upper VS a money pit: How to tell
Generally speaking, a fixer-upper is a house that is structurally sound and should only need general maintenance and cosmetic repairs. The biggest thing to remember when purchasing a fixer-upper is to look beyond the surface. A money pit, on the other hand, has many major flaws and expensive issues that require extensive professional assistance to make it more livable. As long as the general systems of a home are in good shape, your budget is best allocated to refreshing the property instead of repairing it.
If the fixer-upper you are looking to purchase is plagued with even one or more of these huge deal-breakers, it’s time to consider running the other way.
Therefore, it is probably the most important thing to look at when hunting for a worthwhile fixer-upper. Keep an eye out not only for large cracks, but also for bowing walls, shifting masonry, uneven floors, and even moisture in the basement or crawl space when viewing a home. Better still, bring in a structural engineer or a foundation repair professional to inspect the foundation very carefully. If there’s anything questionable about the structural integrity of the house, the expense involved in repairing the home may end up being more than you’re willing to spend.
Worst is, mold can thrive, which can cause serious health implications and be costly to remediate. Be aware of any damp smell, scour the ceilings for signs of leaks, and check every inch of the basement and foundation for cracks or water.
Not to mention, severe damage to the roof could also cause a myriad of issues, such as damage to the sheathing, trusses, beams, and rafters, resulting in water damage, mold, or structural issues, from wood rot. Unfortunately, none of these repairs are cheap.
If you suspect a termite infestation, make sure to enlist the help of professionals such as exterminators and structural engineers to help you understand the full extent of the damage. Catching the damage early, could mean you’ll only need to cover the cost of extermination/treatment. However, finding it late should be your cue to look for a more worthwhile fixer-upper.
