While foreclosure rates have dropped in the past few years, there are still plenty of foreclosed homes around that are for sale. You can save a significant amount of money on a new home bybuying a foreclosure.
When you’re looking into foreclosed homes, ask the following questions. This will help ensure that you get your money’s worth:
- How long has it been empty? You can expect a greater amount of damage if the house has been empty for a long time.
- What condition is the house in? Hire an inspector to give the house a thorough walkthrough, and make note of anything that needs to be repaired or replaced.
- How much will repairs or renovations cost? Factor this cost into your budget when deciding whether or not to buy a foreclosed home.
- What’s the neighborhood like? Avoid buying a home in an area with a high crime rate or several other foreclosed homes, since this affects its property value.
- Has the landscaping affected the house? Dead tree branches, roots and untrimmed shrubs can damage the house and the pavement around it.