Buying A Foreclosure Home, From The Home Inspectors Perspective
Part 2 - Buying A Home From The Home Inspectors Perspective, Foreclosed Homes
Today, with foreclosures on homes at an all time high, those in the market for a home often consider buying a home that has been foreclosed on. The idea for the buyer is to buy a home at a substantially lower price than a property would go for as a normal home on the market today. In other words, the buyer's money will buy more home for less. However, from the perspective of a Professional Home Inspector, there are many things to consider before buying a foreclosure.
Over the coarse of time when a home owner becomes in financial distress, home maintenance is often among the first things to stop. Home maintenance is expensive. And when someone is in financial distress and facing foreclosure, home maintenance usually stops in an attempt to save money by the current owner. The lack of maintenance may cause many defects some of which including:
- Foundation problems from inconsistent watering
- Tree limbs and shrubbery causing damage to the roof and exterior structure
- Rain gutters filled with debris
- Damaged or missing appliances
- Damaged or missing HVAC components
- Damaged floor coverings
- Damaged interior wall paint and texture
- Missing and damaged doors and door hardware
- Broken glass in windows
- Plumbing and vent issues
- Fireplace and chimney damage
- Damaged or missing light fixtures and other electrical devices
Let's face it. Foreclosure is not a pleasant thing for someone to go through. Often, through no fault of their own, the home becomes neglected. Sometimes, the property is severely damaged when an angry owner moves out. What ever the reason, homes in foreclosure may have significant defects.
Because of the possible condition of a foreclosed home, a home buyer should consider the costs associated with returning the property to a good condition. While a foreclosed home may come at a discounted price, the cost of repairs may make up the difference for any potential savings in purchase price.
A Professional Home Inspection
, particularly from an inspector who's report comes with a "Report Summary", will prove its worth the inspection cost when considering the purchase of a foreclosed home. Most inspectors charge a base fee for a home inspection regardless of the type of sale or condition of the property. Reputable, certified, licensed home inspections should cost between $275 and up depending on the square footage of the structure.
If you are considering buying a foreclosed home, be sure to hire a Professional Home Inspector
to provide you with a report of the property condition. The property condition and anticipated repair costs should help you decide if buying a foreclosure is right for you.
Also, if you are considering the purchase of a foreclosed home, be certain you can afford the needed repairs and upgrades as well as the current estimated home maintenance and the monthly mortgage payment. The ongoing costs of home maintenance coupled with repair needs and the mortgage payment should be considered.