Sometimes, buyers can score a great deal on fixer-uppers. Other times, it’s the seller who scores a great deal – by dumping their money pit on an unsuspecting buyer.
When you buy a fixer-upper, you can’t expect to defer your repair costs by buying a home warranty plan and filing a claim every time something breaks. It’s on you to make the renovations, which means you need to know precisely what you’re getting yourself into before taking the plunge.
Keep a skeptical eye out for these warning signs of a money pit as you scout your next house and it is highly recommended that you hire a home inspector or contractor to inspect the property before you close on the sale and take ownership. That way you can know if there are any major issues that you can discuss with the seller before you purchase the home. And the worst case scenario would be to cancel the purchase of the home and look for another property.
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