In today’s hot real estate market, the desperation to become a homeowner can cast things that are important to consider to the wayside.
But it’s important that first-time buyers, or any buyers, consider the importance of ensuring your money is still well spent, despite soaring house prices and simply wanting to get in, particularly when it comes to issues that can cost you a pretty penny later on down the road.
If a prospective home has a leaky basement, water damage or plumbing problems, don’t just dive in thinking these are simple fixes. In many cases, these are indicators of a larger issue or a poor foundation that could cost big bucks to fix.
A Globe and Mail article recently profiled a couple who bought a home and were so overcome with the costs of fixing their plumbing issues and sinks that were constantly clogged that they were forced to sell and rent just to catch up.
Now, they face the difficulty of not being able to re-enter into the market.
In this case, it’s best to do it right the first time. You can do this by ensuring you seek out the right help and an expert opinion. Rather than just hiring a home inspector, bring a plumber along to assess the damage and give you a quote on what it would cost to fix. A plumber can also let you know whether the issue is likely to persist.
If a deal sounds too good to be true, chances are it is, especially in today’s market. Be smart with your money. If it means holding out for a longer period of time that guarantees you a home with less (or no) leaky basement, water damage or plumbing problems, you’ll be glad you waited.