How To Avoid Getting Stuck In A Money Pit
Investing in a home can be an emotional experience. Buyers may look at hundreds of houses in search of their dream home, and many find they have to compromise when it comes to getting everything they want. While factors such as plenty of windows and an open concept living room may be at the top of your list, it is important to look beneath the surface in order to protect yourself against a bad investment. When it comes to buying a house, we have all heard horror stories of ‘money pits’ in which the unlucky homebuyer is faced with one problem after another. If you are in the buying market, the following are helpful tips to avoid a bad investment. If you are currently dealing with a money pit house, there may be legal options in terms of getting your investment money back.
What To Watch Out For When Buying A Home
According to the consumer advocacy group Consumer Reports, while buyers often feel they have to act fast when they think they have found the right home for them, taking the time to thoroughly inspect any property before you buy will pay off in terms of added expenses. Make sure to get a thorough home inspection, and ask the inspector questions about any potential issues they find, no matter how small they may seem. Consumer Reports advises paying close attention to the following areas:
- The roof: Leaky roofs can cause major problems in a home, so make sure gutters and downspouts are in place, and be alert for any cracks in the roof or missing shingles.
- The foundation: Cracks in the foundation of a home can be the result of minor settling, or they could indicate serious and costly future problems.
- The deck: A decaying deck with soft boards or loose railings can be expensive to replace and a serious hazard when it comes to injuries.
- The basement: Be on the lookout for mold and mildew in the basement, as well as in other areas of the house.
In addition to the above, it is also important to be on the lookout for unexpected guests in the form of pests. Termites, roaches, ants or mice can all be costly and a nuisance to get rid of.
How to Deal With A Money Pit
Many people invest in fixer-uppers only to find that the amount of work was way more than they bargained for. If you find yourself sinking time and funds into what is rapidly becoming a money pit, your options are, unfortunately, limited. According to US News and World Reports, litigation may be your only possibility. While in most cases the saying ‘let the buyer beware’ applies, there are some circumstances in which you may be able to file a lawsuit against a seller or former owner for misrepresentation, particularly if you can prove they were misleading in their claims about the property or knew about certain conditions and did not disclose them.
Let Us Help You
If you are buying a house or experiencing problems in a home you recently purchased, contact Cavallo & Cavallo today. Our experienced New York real estate attorneys have been handling real estate transactions in the Bronx and the surrounding areas for nearly 30 years, and can advise you on the best course of action in your particular case. As your neighborhood law firm, we provide professional, effective representation for all your legal needs. With offices in the Bronx and Westchester, we are available to help; call or contact us online today for a free consultation.