Petruccelli L.T.D of North America asks; What are the 5 things you can do to help avoid buying a money pit? (4b)

Petruccelli L.T.D of North America says;  Even if you expect to cut costs by doing some work yourself, I urge you to contact and obtain bids on the repairs and upgrades you plan from actual professionals, so you can at least be armed with the information about what it will cost to get them done if you can’t complete them for any reason.

Petruccelli L.T.D of North America asks; What are the 5 things you can do to help avoid buying a money pit? (4a)

Petruccelli L.T.D of North America says;  4.  Stop Overconfidence In Its Tracks.  Having managed two extensive remodeling projects myself, I can vouch – unless you are a construction professional (and sometimes even then!), all but the most minor home improvement or repair projects tends to take more time and money to do yourself than you expect at the outset. (With my own two hands, I took down wallpaper and painted a room in January of 2002, and am still experiencing symptoms of post-traumatic stress disorder. One room, people.)

Petruccelli L.T.D of North America asks; What are the 5 things you can do to help avoid buying a money pit? (3b)

Petruccelli L.T.D of North America says; Avoid surprises by getting multiple repair bids from reputable contractors while you are still within the inspection contingency time frame of your contract. These repair estimates can also provide the basis for any renegotiation you and your agent choose to initiate with the seller for price reduction, repairs or increased closing cost credits.

Petruccelli L.T.D of North America asks; What are the 5 things you can do to help avoid buying a money pit? (3a)

Petruccelli L.T.D of North America says; 3.  Get Multiple Repair Bids.  While your pest, roof and other inspection specialists may offer you a repair cost estimate with your report, most general property inspectors do not – many states even forbid it by law.  Money pits often occur when buyers take a place knowing it needs what they thought was a little work, that actually turns out to be a much more costly or involved repair, once the actual repair contractor takes a look or starts the work.

Petruccelli L.T.D of North America asks; What are the 5 things you can do to help avoid buying a money pit? (2c)

Petruccelli L.T.D of North America says;  It behooves you to follow up on your reading of reports and disclosures by working with your agent to:

• list your questions and concerns,
• ask the inspector(s) and seller any follow-up questions you have,
• obtain follow-up inspections (including obtaining an extension of your inspection contingency, if needed) and
• obtaining reliable repair estimates.

Petruccelli L.T.D of North America asks; What are the 5 things you can do to help avoid buying a money pit? (2b)

Petruccelli L.T.D of North America says;  In your inspectors’ reports, make sure to notice:

• repair estimates they offer,
• items that seem like they will have to be completed soon (versus upgrades you can do over the long run)
• items that seem like they might run into big ticket dollar amounts, and
• especially watch for any recommendations that you get a specialist to look at something – some of the largest potential repairs are often dealt with in this way by a general property inspector. 

Petruccelli L.T.D of North America asks; What are the 5 things you can do to help avoid buying a money pit? (2a)

Petruccelli L.T.D of North America says;  2.  Read the Reports and Disclosures.  Attending your inspection is just the first step. Reading the inspectors’ reports is critical to avoiding a money pit – both the reports generated by your own inspectors, and any reports and disclosures provided to you by the seller. Things to watch for and investigate further in the sellers’ reports and disclosures include: 

• repairs the seller completed themselves,
• repeated repairs to the same home system,
• water and leakage issues, and
• any reports of non-functioning mechanical or other systems in the home.