As Attorney Walter Fielding (Tom Hanks) and his sophisticated girlfriend, Anna Crowley (Shelley Long), grapple with the fallout from his father's shocking embezzlement scandal, they find themselves unexpectedly evicted from their temporary apartment by her self-absorbed ex-husband, Max Beissart. In their quest for a new home, Walter turns to a dubious realtor friend, leading them to an exquisite mansion listed for just $200,000—an astonishing bargain compared to its original value of one million dollars. The mysterious owner, Estelle, shares a heartrending story of her husband’s arrest that necessitates a quick sale to escape the clutches of predatory lawyers. Captivated by Estelle's emotional account and the romantic charm of the property, which features candles for frugality, Walter and Anna are enchanted and decide to take the leap and buy the house.
However, what begins as a dream quickly descends into chaos as the once-grand property starts to fall apart. The front door frame comes loose, the staircase collapses, and the electrical wiring ignites in flames. They enlist the help of a pair of unscrupulous contractors, Art and Brad Shirk, who proceed to gut the house, leaving Walter and Anna tangled in a web of bureaucratic red tape as they try to obtain the necessary permits for renovation. With costs spiraling out of control, Walter's patience wears thin with their so-called "money pit," while the Shirks assure him the repairs will be completed within two weeks—a promise they consistently fail to keep over a grueling four-month period.
As the renovation drags on, Walter and Anna come to the realization that they require more funds to finish their project. In a bid to acquire additional cash, Anna tries selling some artwork she received in her divorce from Max. Although the pieces do not impress Walter, Max agrees to buy them, subsequently whisks Anna away on a lavish date, leading her to question her loyalty to Walter. This deception culminates in an emotional confrontation, resulting in Anna admitting to an affair with Max, plunging their relationship into turmoil.
Just as the foundation of their love begins to erode amid their growing stubbornness, Walter and Anna agree to separate once the house is restored, planning to split the property’s value evenly. However, as their paths seem destined to diverge, Walter's heart gives in and he confesses his lasting love for Anna, even in light of her supposed betrayal. Anna’s relief is palpable; she reassures him that no infidelity has occurred, setting the stage for a heartfelt reunion.
In a twist of fate, Estelle and her accomplice, Carlos, re-emerge in Brazil, masquerading as con artists targeting Walter’s father and his new bride. Under the guise of having once been residents of the old house, they attempt to dupe the unsuspecting couple out of a significant sum, all while reveling in the sun-drenched allure of their new surroundings.
