10 Signs a Fixer Upper is a Money Pit

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Outdated Systems

An older fixer upper may have many endearing features. But if the major electrical, plumbing and heating systems haven’t been modernized, it’s sure to be a money pit.

To check for outdated electrical systems, Rodkey says, “Look for things like old push button [light] switches, drop cord light fixtures with cloth-wound insulation and two prong receptacles.” These can all be evidence of knob and tube wiring somewhere in the home.

Depending on the size of the home, rewiring can be costly, with a national average of $4,700 for a 1,000 square foot home.

Old boilers and furnaces can also be expensive to update. Some signs to look for include water on the floor near the unit and loud noises during operation.

Replacing aging boilers with newer models costs thousands, especially if asbestos was used on the heat box or pipes. That requires specialized removal. “Depending on the efficiency [of the new boiler or furnace], you can pay anywhere from $10,000 to $35,000 to have one replaced,” Rodkey says.

Cast iron pipes, low water flow and discolored water can all be signs of aging plumbing that’s also costly to replace.

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Roofing Issues

Aging roof shingles and leaking roofs can lead to moisture issues in the home and a different set of problems.

While a sagging roofline is easy to spot, a leaky roof isn’t. “There are a lot of instances where the rooftop appears OK, but once we’re looking inside there are all sorts of conditions that would merit a rooftop replacement,” says Anton Britting, a certified home inspector with Journey Property Inspections.

Roof issues can include a leaking chimney, moldy sheathing or new shingles installed over rotten sheathing. Visible signs in the attic can include mold or water stains on the sheathing. Look for water stains on the ceilings below, too. It’s costly to replace the roofing as well as remedy any secondary moisture issues.

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Retaining Walls

Make note of any retaining walls on the property. They serve an important function, and need to be addressed if they show evidence of disrepair or failure. Signs include bulges, cracks and leaning away from the hillside.

Repairing or replacing a failing retaining wall can be prohibitively expensive since it requires heavy equipment and possibly an engineer. “Anything that requires excavation I see as a huge undertaking,” Britting says. Adds Saltzman: “Most people underestimate the cost of [retaining walls]. You’re talking tens of thousands [of dollars to repair].”

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