At some point, you may find yourself considering the purchase of a vacant property that’s available for immediate occupancy. How can you know if it’s a “good deal”.
First, it’s important to consider how long the property has been vacant, and why it was left unoccupied for that length of time.
While some homes become vacant due to job relocation, marriage, death or other life events, other may have been abandoned following a bank foreclosure, or other financial setbacks. In these cases, the owners were likely under financial pressure, and therefore may not have had the funds to maintain the house. Consequently, the house may have suffered the effects of neglect from deferred maintenance.
House inspections are recommended for any home you are planning to make an offer on, and they are especially important when considering the purchase of a vacant home. However, home inspectors can only assess what is visible, which means that their visual inspection cannot determine what’s going on inside the walls of the house. Hidden problems may include issues from broken water pipes and subsequent molds, to stolen copper wiring, if the house has been vandalized. And if the water, gas or electricity has been turned off, the inspection will be additionally comprised.
While there are bargains to be found in the housing market, any vacant property should be approached carefully. The cost and effort of repairs need to be factored into the equation to see if the property is, in fact, a “deal”.
A local real estate sales representative is your best source of information on the top home values in your area. Please call for more information, today.