HOW NOT TO BUY A MONEY PIT

Some buyers live in fear that they might end up purchasing a money pit. A money pit is a home that runs through a seemingly endless amount of cash in repairs and maintenance. Although all buyers have some fear of this, first time buyers are especially prone to this particular fear.

There are a few ways to lessen the likelihood that you will be purchasing a money pit. The first is to thoroughly read any inspection that has been done on the home. If no inspection has been done on the home, it is probably a good idea that the buyer hire inspector to do one. This is especially important when purchasing a single-family home. We encourage buyers to be present during the inspection so the inspector may help the buyer understand the condition of the home in real time.

In addition, we recommend buyers utilize their real estate agent's advice in this area. Real estate agents see hundreds and hundreds of homes, and they often trade stories of disasters they have heard of with other agents. Your real estate agent's perspective is invaluable. 

And finally, you can use your own observations in an effort to avoid this. Does the home look like it has been well cared for? How old is the home? Older homes will always require more maintenance and upkeep than newer ones, it's simply their nature. Are there any glaring problems that are obvious to you? Is the foundation cracked, are the windows and doors out of square, is there a water underneath the home or pooled up against the side of the home?

With every home sale in the state of California there is a seller property questionnaire. This can provide a buyer with some invaluable insight as to the condition of the home and its history. Any inspections that have been done, and the seller property questionnaire will be found in the disclosure package. Your real estate agent will order this package after you have visited the home and have further interest in it.