A woman has revealed how the experience of buying her first dream home quickly turned into a financial nightmare that completely drained her savings and left her ‘drowned’ in huge debt worth of $50,000.
Sam Barker, 27, of Durham, North Carolina, was thrilled when she bought a “lovely” 1940s house last summer.
But the perfect property, which she admits needed many renovations, quickly became a disastrous “money pit” – when almost everything that could go wrong did.
The problems began shortly after Samantha moved in, with the TikToker explaining that she had encountered numerous issues with the property that weren’t brought up during the inspection, from holes in the attic to a tree growing in its foundations.
A woman has spoken out about how buying her first home “financially ruined” her and left her “drowned in debt” after being forced to pay more than $50,000 in repairs.
Sam Barker, from North Carolina, explained on TikTok that what she thought was her dream home turned into a nightmare when almost everything that could go wrong did.
She had to take out numerous loans and cash out her retirement fund, leaving her “devastated by debt” and mentally struggling.
She recently shared her story in a series of videos shared on her TikTok.
“I went from being the most responsible and financially healthy person to being consumed by debt,” Sam said in one of his videos.
The North Carolina resident explained that she “immediately” fell in love with the ranch-style home thanks to its “cute” appearance and “perfect” location.
She said she knew it would “require a ton of work” because it “hadn’t been updated in decades” and that she was well prepared to spend money on “renovations.” – but she didn’t expect it to cost her so much money.
She also swore she did “everything she was supposed to do” before making the purchase.
“It required a lot of cosmetic work and updates. So I kind of had an idea of what I was getting into,” she explained.
“I saved all my money, I did a down payment assistance program to have more money in my pocket for renovations.”
She added that she had to take out “three different loans” and maxed out “three credit cards,” and is now approximately $50,000 in debt.
She also had the house inspected and was told it was in very good condition considering its age.
In one of his TikToks, Sam listed everything that went wrong after moving in, from “rotten” walls to “termite damage.”
“First, the seller didn’t disclose anything,” she explained. “Secondly, my inspector completely failed me.
“80% of the house ended up suffering from dry rot and water damage which he didn’t mention.
“There was an entire bedroom where every joist underneath was either termite damaged or completely rotten.
“There was a tree growing in my foundation through my attic and a hole in my attic because there was just no siding.
“All the electricity in the house is faulty and poorly made. In fact, the entire house is a fire hazard.
“My roof has a dead valley, so all the water sits there and has nowhere to go except into the house.
“And my HVAC and furnace completely shut down the first week after I moved in.”
Sam said she spent “all her savings and retirement funds” trying to “make the house livable.”
She added that she had to take out “three different loans” and used at most “three credit cards”, and is now approximately $50,000 in debt.
“Before buying a house, the only debt I had was a student loan and a car payment,” she added. “I was ready to go, I had my retirement saved.”
Sam, who admitted the stress had “taken a toll on her mentally”, said she was determined to “get through it”.
She said she was going to “try different side hustles” to try to earn enough money to pay off her debt and sell the house.
She explained that in addition to her work as a “scientist in the biotech industry,” she is also a volleyball coach and runs an Etsy store where she sells 3D printed fidget toys.
But even with all these side hustles, she worries it will be a long time before she’s close to overcoming debt, explaining that she earned $581 after taxes for her volleyball work during of March and earned an additional $120 from her volleyball work. Facebook Marketplace, as well as $40 on Etsy.
Yet she refuses to allow herself to admit defeat.
‘You know what? I’m making money online and I’m going to get by. I feel good,” she concluded. “I feel optimistic and empowered. Follow me if you want to see how I do.
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