A growing craze on the real estate market today is buying an older home and bringing it back to life. With all of the television shows making it look like a 3 step process, the interest us growing by the minute. This can be a smart approach for many who are looking to buy a home, especially first time home buyers. This method of buying home definitely has many perks. But, it is crucial to tread on the side of caution when looking at a “fixer upper”. There are certain signs that indicate the home may be too far gone to turn into your dream home.
The Horror of Water Damage
One discovery that can make any home owner sick is discovering water damage. For one, you don’t know the extent to which the water and mold as reached throughout the home. The deeper you go the more damage you are likely to find. Water damage can spread like an infection throughout the home. In some cases you can ultimately replace and build a whole new section of the home. Water damage is a serious indication that this project is too much to take on.
Quite possibly one of the most expensive renovations that can be done is repairing foundation damage. Even minor cracks or slants in the foundation can be a major investment when fixing up an old home. The extra cash that you save by purchasing an older home might be solely invested in repairing the foundation of the home. Structural repairs cannot be neglected. These repairs are something that needs to be done by a professional. So handling it as a DIY weekend project is out of the question.
Plumbing and piping run throughout your home. In older homes corroded pipes, leaks, low water pressure and other plumbing issues are very common. These issues can also lead to major water damage. Because of this, the plumbing in your home need to be a priority on the renovation list. If you are fixing up a home with plumbing or piping damage, your funds will be exhausted in making sure that this issue will not cause more damage.
Need For More Space
Adding more space is not necessarily a bad thing. In some cases it might not even be that expensive. But, if you go into a home thinking that you can just add on whenever or wherever you want, you might be in for a rude awakening. Sometimes adding on to a house is more than just tearing down a wall. If there are certain structural issues standing in the way, a lot of expensive work will have to go into making your new addition. If you are going to add on to an old home, make sure that it will be fairly easy to make the addition.