Page 20 - Oasis Skeen Buyers Agents - Rent v Buy

9. YOU SAW THE

MONEY PIT

The Tom Hanks classic The House and “Bob Vila” it into perfection.

Some people can and do. But it’s not
Money Pit is funny for a
something everyone should take on.
reason… ‘cause it could
If you’re concerned about buying
actually happen.
yourself a “money pit,” there are
solutions:
One of the biggest fears almost every

homeowner has is buying a house • Buy a unit. You’re responsible for less of
and having something major go the maintenance and upkeep.
wrong — let alone a hundred major • Buy a house that has been recently

things go wrong, one after another. renovated...especially if they did the

major mechanical and operational
Usually, the fears are far greater than
elements of the house, not just a pretty
the reality most people face.
Certainly very few people ever have it paint job.
• Buy a home warranty. This will cover
as bad as Tom Hanks did in that

movie. But things can and do go you if something breaks and needs to
be repaired or replaced.
wrong.
• Set aside some money for repairs and
Things do need to be repaired on a replacement costs.

house on occasion. Some are minor
Owning a home does come with the
and can either be done by the owner

or don’t really cost that much to get responsibility of maintaining it, so you’re
smart to take it into consideration. But
fixed or replaced. But there are a few

things on almost every house that can as long as you make a good decision on
what you buy, it probably won’t be the
cost a decent amount to repair or
replace. proverbial “money pit.”

So, if you hesitate to buy your own home
because you’re concerned about owning

a potential “money pit,” you’re just
being sensible and thoughtful. Too many
people get carried away thinking they

can just buy This, That, Or Another Old

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