What to Look For When Buying a Foreclosed Home
Searching for a home is not the easiest thing in the world and it is mainly because of the pricing. Unfortunately, houses are rather expensive these days and rent is continuously increasing. Luckily, there is an alternative for home buyers. Foreclosed homes are what people resort to when they can’t find or afford any of the other forms of housing.
They are relatively cheaper than today’s average house price, however, there is one major drawback. Foreclosed homes are often neglected or abandoned, which can turn them into a money pit. But if you feel like you’re up for the challenge, then there are a few things you should look for before making the sale.
Keep reading to learn what to look for when buying a foreclosed home.
The History of The House
Before even thinking of buying a foreclosed home, it is important that you look up the history of the home first. Every house has its own story and it is not always a pleasant one. In fact, the history is often what makes or breaks a deal. If the history turns you off, then you should keep looking.
Lingering Plumbing Issues
After becoming familiar with the history of the foreclosed home, it is time to check for the more severe issues. One such issue includes the plumbing. As we mentioned before, these homes are often in bad shape and may need a lot of repairs. The first thing you should check while inspecting the house is the plumbing.
Keep in mind that just because the plumbing may work at first glance doesn’t mean there aren’t hidden issues. There may be a problem that you’re not aware of. In order to really make sure the plumbing system isn’t damaged, you’ll need to hire a home inspector. If you haven’t already purchased the property, make sure the seller hires one for you.
Problems With The Foundation
One thing that everyone will notice about a foreclosed home is the exterior of the home. The saying “First impressions are never wrong” rings true in this context. If you notice that the exterior of the house is damaged, then it is probably best that you look for something else.
Repairing the plumbing is one thing, but the entire exterior of the home is a very large expense. Cracks and holes in the roof, water damage and rotting structures are not easy to fix nor are they cheap. Only purchase it if you know you can handle it.
Don’t let the low price of a foreclosed home get the better of you. It may end up needing more work and repairs than meets the eye, which can actually end up costing you more than a house in today’s market. Buying a foreclosed home can save you a lot of money, but it’s also extremely risky. Before jumping in with both feet, be sure to think long and hard before signing on the dotted line.