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[quote=Anonymous]The biggest difference between a new build and an older house is all the investigation into the unknown. Whether an old house is a money pit or not an issue is dependent on how it was originally built and maintained over the years.

You should look at your inspection report and come up with planned 1 year, 5 year and 10 year plan for replacements and upgrades. It is always going to be more expensive and drive you crazy to have to deal with something as an emergency instead of proactively replacing it when it is time or signs point to problems. The upside here is once you get over the shock in what you will spend over the next 5-10 years and have to a plan to afford it, you are much more likely not to put it off.

1. Roof patching. This is a warning sign. How old is the roof. If it has 10 years left on it, why is it leaking? If it was poor installation, you should consider replacing it. Roof leaks often can be small and not visible to owners but they are rotting out your support beams and possibly sending water down the walls creating mold behind your walls.

2. Bad wiring to the HVAC. Did your inspection include looking at the electrical? This could be a fire hazard so I would up the priority.

3. Moldy carpet. I'm not mold phobic. You can rip out the carpet and use bleach to get rid of it but if it is near a wall pull off the baseboard to make sure it isn't coming from the walls. Try to figure out where the water came from -it could be a leak, basement or main floor flooding or even condensation. Invest in dehumidifiers.

4. Test areas for lead and asbestos before you do work.

5. Appliances. You can get a home warranty and often ask the seller to pay for it to give you peace of mind that things won't break in the first year. Its always best to buy appliances when they go on their annual sale.

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