A fixer is a home that requires repairs or renovations, but is still worth fixing up because the house is still livable and worth fixing up. A money pit is usually an older home that requires ongoing and expensive repairs that drain your finances over time, making it a continuous drain on resources rather than a dream home.
| Fixer | Money Pit |
| The roof is older and will need to be replaced. | Three layers of shingles have to be removed first. |
| The air conditioner needs replacement. | Electrical service needs updating from 100 amps to 200 amps to accommodate new power needs. |
| Mold in the bathroom needs to be cleaned up. | A leak caused the mold to grow behind the wall and under the subfloor, requiring demolition, mold remediation and remodeling. |
| Chimney needs to be cleaned | Chimney flue is damaged, and too dangerous to operate until repaired. |
| The septic system needs to be repaired. | The septic system needs to be replaced because the leach field is saturated. |
| Toilets drain slowly. | Toilets are slow to drain because the underground sewer line is broken. |
| The boiler needs to be serviced. | The boiler has asbestos that will require professional removal. |
| GFCI and AFCIs — devices that protect against electrical faults — need to be installed. | The wiring is aluminum, and will have to be replaced. |
Source: Nick Gromicko, founder of the International Association of Certified Home Inspectors
