You may have watched TV shows that involve people purchasing foreclosed homes, remodeling them, and selling them for large profits. This is called flipping homes, and it can be a great way to make money. Buying a foreclosed home can also be a great way to purchase a house for your family for a price that is below the current market value. If you want to do this, one important question to ask is how long the home has been vacant. Vacant homes can have some hidden issues, and here are several you should be aware of.
Water damage problems
When a house is not being lived in, it most likely is not being cared for properly. This is why vacant homes may have water damage issues. Water can enter a home in many ways, and one way it does this is when gutters are not cleaned and working properly. Water can enter through a home's foundation, and this can create major problems. Also, when a home is not cared for, the roof might encounter problems such as blown-off shingles. This too is a way water damage can occur.
Before you buy a foreclosed home, try to get the house inspected to find out if it has water damage. Water damage can be costly to repair, and it can leave a home full of mold. Mold remediation is also costly if needed, and this is something you will want to know about before you buy the house.
A vacant house typically does not have the utilities turned on, and this means the entire house is left exposed to the heat of summer and cold of winter. Because of this, plumbing systems are often damaged when homes are vacant. The thawing and freezing cycles that occur from the weather can damage pipes in a home very easily, so you should try to get the plumbing system inspected before you purchase a foreclosure.
Bug and rodent infestation
It's also common for vacant homes to experience rodent and bug infestation. Bugs and rodents are always looking for shelter, and a vacant home is the perfect place for them to move. While this is a problem you can fix, it may be hard to eliminate all the bugs and rodents quickly. It may take repeated professional treatments to get rid of them completely.
There are times when buying foreclosures can be good, but there can also be times when this is not the best route to take. If you have questions about buying a home, talk to a real estate agent today. They can help you find the best homes for sale in your area.Share