There are times when buyers can score a great deal on fixer-uppers. Sometimes, when a property just requires too much TLC, it eventually turns out to be not a good investment after all.
Before making an offer, keep a keen eye on some signs of a money pit property:
1. Stuck windows and doors.
These can be a sign of moisture or that a house is settling due to age or structural shifting. Both are problematic.
2. Smell of moisture.
Besides damage to the house, moisture can adversely affect a homeowner’s or tenant’s health.
3. Sloping or sagging floors.
Both indicate structural problems beyond just aging. Find out if framing, joists or subflooring need replacement.
4. Historic home designation and zoning rules.
Municipal guidelines may restrict buyers from making certain improvements to their home and property.
If the idea of purchasing a fixer-upper sounds appealing, be sure you conduct your due diligence to avoid falling into a fixer-upper money pit. While these individual signs might not derail a sale on their own, they might warrant a call to a local expert who can assess the problem, offer solutions or give repair estimates. If you do have a property that needs some repairs, our team can refer the best people we know for the job at reasonable prices.
About Broadpoint Properties
Broadpoint Properties is a full-service real estate brokerage serving home buyers, home sellers, and landlords throughout San Diego County. Our team of experienced professionals is available to assist you with all aspects of property management, including day-to-day operations, property inspections, rent collection, and more.