While foreclosures can be a worthwhile investment, the process of buying one is more complicated than buying a traditional home for a variety of reasons. When you purchase a new construction, you really shouldn’t need to be concerned about issues with plumbing, electrical, and heating/cooling. However, when you are buying a foreclosure, you have less reassurance that there aren’t these kinds of issues with the home. The best way to ensure you are making a wise purchasing decision is to hire an inspector to see if the home checks off the right boxes. Here are also three important features to consider when purchasing a foreclosure.
The surrounding landscape
A foreclosure that features neglected landscaping can be an indicator of how long the property has been vacant. While poor upkeep of landscaping can be easily remedied, the same can’t always be said with issues inside of the home. While poor landscape upkeep should not be a deal-breaker, it should be something to keep in the back of your mind with vacant foreclosure properties.
If the home is winter-ready
Homes that are not winterized are prone to a variety of issues. When purchasing a foreclosure, it is necessary to inspect whether or not the home is winterized. Do not wait until after you purchase the home to realize that the property has broken pipes. A thorough home inspection will alleviate any concerns about whether or not a home is winter-ready.
The neighborhood
Location has and will continue to be a significant factor in the value of a home. Before you purchase any home, be sure that you are informed about the area surrounding the property. You want to pay attention to new businesses in the area, new home constructions, levels of crime, quality of schools, etc. All of which will have an affect on how the home be valued in the future.
