Tips to Avoid Buying a Money Pit

Buying your first house is a big milestone, not only do you have a place to call your own but there comes with it a sense of accomplishment.  For most people it is the single biggest purchase you will ever make.  It goes without saying that you want everything to work out.  However we have all heard stories of home buying gone wrong and homeowners being stuck with thousands of dollars in repair costs.  How can you avoid that happening to you?  Here are some tips to avoid buying a money pit.

Get Pre-Qualified

Finding out what you can afford before you start house hunting it will save you time and heartache.  Instead of checking out a bunch of properties beyond your reach you know exactly what you have to work with.  Take a look at your credit score and make any fixes that you might need to.

Buy New

Not all pre-owned homes come with a ton of repair issues but many will need some type of work done.  Buying a newly constructed home allows you to avoid all of that.  In case where there are new subdivisions being built you can even choose counters, floors and paint colors before the house is constructed.  New houses come with a warranty so if there are issues then the responsibility lies with the builder or warranty company to fix it.

Get a Home Inspection

This point cannot be stressed enough, NEVER buy a home without an inspection.  Homeowners want top dollar for their property and may gloss over the flaws in their house to get a quick sale, in some cases they may be completely unaware of issues.  Having an inspection isn’t foolproof but it does arm you with the information you need to put in an offer based on the value of the house and not wishful thinking.  Here are some more reasons why you need a home inspection.

Consider Your Career and Future Needs

Not only do you need to consider whether your job is secure but is there any possibility of being relocated in the future.  The last thing you need is to be stuck with a mortgage on your home and having to pay rent in another city for months on end.

House hunting is exciting this is an important step in your life but you also need to temper your expectations so you don’t end up with financial ruin later on.  Be ready to be flexible with your choices and understand what you absolutely must have in a house.  Be prepared to put in some sweat equity to make your house your own.  Most importantly be prepared to choose your home carefully and take all the steps necessary to make sure you don’t get a money pit.