How many of us have heard about the stories of throwing endless amounts of money in a property that seems to never get fixed? Maybe it was a friend and coworker or relative who’ve thrown money away on a money pit. Own a piece of real estate? How do you know when you have a money pit?
Does the lights flicker? Do you plug in appliances and sometimes the lights dim or you see a brief spark? There’s a good chance that you have faulty wiring. This is an example of mechanical issues. There are 3 types of repairs a home can have: structural, mechanical and cosmetic.
Structural damage depending on the area can cost you a lot especially a foundation. Mechanical repairs are costly as well. Plumbing a home or wiring a house will cost 10’s of thousands of dollars. Cosmetics usually cost less than the other two types of home repairs. Painting a home or adding new windows not only will raise the value of your home it will also give your home better curb appeal.
So what defines a money pit? Your budget. If your project has surpassed your budget and you are still spending you have a money pit property. The best way to solve any problems with your home is to hire a professional. Call your local contractor or inspector to look over your home. Get a second opinion if you want to but follow their instructions and have the correct repairs done correctly. Don’t try any shortcuts or skip steps this only leads to more problems down the line.
No one wants to waste money. Stay on top of your home repair project and budget the amount you spend wisely. You can also sell your house that is a money pit before cost become to steep.