If buying a new home is your next big money move, make sure you’re not settling for something that’s going to cost you much more than you planned. Buying a house in need of repair can mean ample savings in the short term but a potential big investment in the long term.
If you don’t know how much it’s going to cost to fund all of those renovations, you might be diving right into a money pit. Ideally, your budget for repairs and renovations should have 10 percent to 20 percent tacked on for unforeseen problems, according to a HouseLogic article. Run into the below problems, though, and your budget could easily go over. Here are six signs you’re moving into a home that’s more budget-buster than fixer-upper.