Not all problems mean you shouldn't buy a house.
You've found a house and you love almost everything about it... the neighborhood, the layout, that cute little alcove in the kitchen. But it's not perfect. It needs some attention here and there. Don't despair. Some of those repairs you can live with and some you should walk away from.
Does the house just need some cosmetic changes? All of these improvements are cosmetic and most can be done in a day for very little cost, making the home worth buying.
* Cleaning. Would soap, water, and a scrub brush help the appearance? Sometimes just removing the grime exposes a jewel of a house underneath.
* Paint. A coat of paint inside or out will make the biggest difference in the look of a house and increase the value immediately.
* Floor coverings. That red shag carpet was way cool back then, but updating is definitely in order. A scuffed or beat-up kitchen floor makes the whole room look shabby. Hardwood floors are a big plus and refinishing involves more time than hard work. These improvements are all relatively inexpensive.
* Light fixtures. Replacing outdated light fixtures is easy, not too expensive, and immediately increases the value of the home.
* Landscaping. Realtors call it curb appeal. Landscaping is another improvement that adds instant dollar value. If your dream home has a bare yard, the upside is that you don't have to pull out what you don't like. You can spend as little or as much as your pocketbook allows on landscaping.
* Faucets. Replacing ugly faucets is neither difficult nor expensive.
* Minor repairs. It a rare house that doesn't need some minor repair here and there. Don't let the small things scare you off. Take a notebook with you when looking at houses and make a note of every problem you find. If you end up with three pages of problems, you'll probably want to skip that house.
The following are not small things and you should walk away and not look back.
* Foundation. Cracks in the foundation could mean major structural damage.
* Electrical. An outdated or inadequate electrical system can be expensive to up-date and could be dangerous in the meantime.
* Plumbing. Another one of those things that are expensive to replace. If the house is old, check the existing pipes for leaks and lead pipes and solder.
* Mold. Mold and mildew indicate seepage and/or poor ventilation. Mold is unhealthy and can be difficult to get rid of.
* Spongy floors in bath or laundry rooms. Again this indicates water seeping or leaking, meaning you will need to find and repair the leak and replace the floor.
* Dampness or seepage in basement. This could indicate a drainage problem that may or may not be expensive to resolve. Take a look at the gutters and downspouts to be sure they're clear and doing their job. If they are, the problem is probably improper drainage.
* Slab foundation. If the house is built on a slab, find out the access to water and drainage lines. Strange as it seems, sometimes there is no way to get to them without a jack-hammer.
* Heating and cooling. An older heating system will cost more to operate and can be unsafe. Replacing it can be expensive, but newer systems are more efficient.
* Roof. A new roof is costly, but not all roof repairs require total replacement. If the roof looks questionable, have a trusted roofer look at it. Flat roofs should be avoided altogether, since rain, snow, and ice have no place to drain.
The best protection against buying a house that will drain your bank account is to get a home inspection. Go through the house with the inspector. Ask questions. Later, get estimates of any necessary repairs. Not all repairs are as costly as they appear to be, but it's safer to find out before you buy.
