Real Estate Pro Articles
   
   

What to Look For When Purchasing a Foreclosed Home



[Valid RSS feed]  Category Rss Feed - http://www.realestateproarticles.com/rss.php?rss=265
By : Karim El Sheikh    99 or more times read
There is a lot that goes into the search and purchase for a home. Although many homes need a few repairs here and there, foreclosed homes are no exception. While you are on your quest to find a place to live and you finally find it, the overall question you need to ask yourself is: Is this house worth it? That does not involve just repairs, but the house in general. Thankfully, there are simple checklists that you can follow in an effort to narrow down your selections and reach a final decision.

One reason why people invest time and money into purchasing a foreclosed home is so they can fix it up to make a profit. What this means is that they check out the home they have to work with, fix everything that needs to be repaired, replace items to fit their personal taste or make the home as modern as possible with the greatest amount of potential, and then sell it to a prospective home buyer so they could profit from their tireless energy.

There are many other things to consider, so the low cost should not be the only deciding factor. When it comes to necessary repairs, if they are overwhelming in numbers or the quality/labor to where you will not be saving money in the long run to live there, then that particular home may not be the right home for you. However, only you can be the deciding vote whether or not that home is worth the investment. Here is a list of the major factors to consider.


The Neighborhood

If there are several foreclosed houses in the immediate area, it may not be the best place to go. This is because too many foreclosed houses decrease the value of your potential home. It is probably best to stick with a foreclosed home in a relatively bustling neighborhood.


The Landscape

The landscape is actually more important than you would think. Keeping up with its demanding maintenance can be costly and time consuming, and if you are surrounded by a bunch of homes with uncontrolled weeds, this, too, will decrease the value of your home. On the contrary, if the landscape is, for the most part, kept up, the value of your house increases.

This also applies to trees. Be sure to make certain the branches are kept to avoid any complications and damage done to power lines, your home, and the rest of your landscape. Your neighbors will also be very appreciative.


Overall Structure

This involves the wiring, plumbing, possible mold growth, utilities/electricity, faults in the foundation, etc. To help with this process, it is best to hire a professional home inspector to investigate and address these issues. They have the proper tools and training to discover these problems that an average Joe will most likely overlook.

Although the idea of purchasing a foreclosed home is tempting in terms of cost, there is a lot more that goes into it. Just be sure to keep these foundation guidelines in mind during your search.
ForeclosureFreeSearch.com is one of the first foreclosure websites on the internet. Search all foreclosed homes for sale in your area for a great deal on your next home.

Related Articles



Actions
Print This Article
Add To Favorites



Sponsors

 

 

© All rights reserved to Real Estate Pro Articles