3 Tips For Buying A Vacant Home
Buying a home that has been vacant for a considerable period of time can be a risk, but it could be one worth taking. Owners and mortgage lenders who are anxious to sell the homes often lower the purchase prices to bargain rates. If you are considering buying a vacant home, here are some tips to ensure it is worth the price.
Turn on the Utilities
In an effort to save money, some owners and lenders turn off the utilities to vacant homes. Unfortunately, this can make it difficult for a home inspector to properly do his or her job. During a home inspection, the inspector will assess everything from the electrical wiring to the plumbing. Many problems can go unnoticed if the utilities are not on.
Talk to the lender or owner about turning on the utilities for the inspection. If the owner is unwilling to foot the bill for the expense, you should consider doing so. If there is a major problem with the home, it is better to find out now than after you have closed on the home.
Research the Previous Owners
One of the best sources for finding out if there are any problems with a home are the previous owners. If you are attempting to buy a vacant foreclosure home, the lender might not be willing to share information on the previous owner with you. You might have to turn to the home's neighbors to find out who the previous owners were.
If you feel uncomfortable about contacting the previous owners about the condition of the home, probe the neighbors. The neighbors can tell you if they remember the owners mentioning any problems. They can also paint a picture of how well the home was kept up before.
Call the Exterminator
The longer a home sits empty, the more likely it is that pests will move into it. Instead of dealing with minor pest problems, you could be looking at an issue on a larger scale. The home could have an infestation that could be impacting the structure of the home.
For instance, squirrels could be living in the roof and chewing through the insulation and electrical wiring. Mice could be doing the same. The best way to determine if there is an infestation and what it will take to resolve it is to rely on a professional assessment. Most pest problems are easily handled and that is most likely the case with the home you want.
Talk to your real estate agent about other problems to be on the lookout for. He or she can help you find solutions so that you can move into your dream home. Contact a company like Lisa Burridge & Associates Real Estate to learn more.