How to Avoid a Money Pit: 6 Things to Be on the Lockout For

By: Sylvia Smith

How to Avoid a Money Pit: 6 Things to Be on the Lockout For

Tags: BUYING A HOME, Vaughan REAL ESTATE, Vaughan realtor, Toronto realtor


When looking for a dream home it is easy to get lost in the excitement and falling in love with the look and feel of a home.  However, buying a home is an expensive purchase, and being on the lookout for expensive repairs is critical.  Many people think that serious home defects are easy to spot but the truth is that often the most costly and serious problems can only be detected by a close inspection.
When you are considering being a home the following areas can be quite expensive to deal with once you have purchased the home.

1. Roof

roof, leaky roof

Roof leaks are the most common problem from a roof and can be quite difficult to detect from outside of the home and particularly in the winter when roofs are covered with snow.  However, from the attic, you can often see watermarks if there is a leak.

2. Plumbing 

Plumbing can also be very expensive if problems exist.  In a home, there are two components that you need to be concerned with. One that brings water into the home and the other that takes sewage water out of the home.   The incoming water you need to be concerned with the water quality and the pressure of the water coming into the home and also with the sewage water that leaves the home. 
If there is a problem with either of these two systems it can be quite expensive to address.

3. Electrical Systems  

electrical system, electrical problems
Before purchasing a home you should make sure that you can run all your appliances and possibly power tools all at one time without having electrical problems or power failure.  You want to make sure the electrical system can meet your electrical needs.  A home inspector will also be able to review the electrical system and identify any problems. 
You also want to make sure that the electrical system is safe and that there are no fire hazards.

4. Heating and Cooling Systems (Also known as HVAC) 

HVAC, furnace, air conditioning
You also want to make sure that the heating and cooling systems are in good working order and ideally not at the end of their lives as these will be expensive to repair and or replace.

5. Bad Paint and Any Signs of Rotting 

wood rot
The paint inside and outside the home can reveal a lot about the state of the home.  Particularly the paint around windows frames and inside and outside doors can be quite revealing on the condition of underlying materials.
If you see bubbling, paint discolouration, mold, or mildew a closer inspection is definitely warranted before you sign on the dotted line.  This one is a critical one to keep an eye out for as once water or leakage starts happening it can be very expensive to address later on.

6. Cracks and Other Important Signs

foundation problems, and structural cracks
Cracks in walls, doors not closing properly and uneven floors can all be signs that there may be a problem with the foundations.   If there are major problems with the foundation of the home could literally collapse.  A bad or weak foundation may not mean imminent disaster but definitely warrants further inspection.  It can also be used to bargain a lower sale price or you could ask the seller to repair it before you take possession of the home.
Knowing what to look for is critical when buying a home.  Of course, a home inspector will be of great assistance in identifying problems.
If you are thinking of buying a home and want to talk more about how to do it safely and smoothly reach out and let’s chat.