Buying a vacant home can be like playing the game roulette—you could get a bargain or you could end up losing thousands of dollars and peace of mind to boot. No wonder real estate agents dread handling them! People tend to avoid these homes because they are:
- Prone to Threats from Vandals and Thieves:
The fact that nobody’s watching is enough to lure suspicious individuals, and a vacant home is more likely to be broken into or vandalized. Or worse the home could turn into a squatter camp. You might think there’s no need to break into a vacant home, but the truth is just the opposite! Since thieves know there’s a slim chance of being caught, they could strike for copper and other valuable building materials. Vacant homes are also easy targets for vandals, and damages could range from minor issues, like broken windows and light bulbs, to serious issues like spray paint and flooding. Homeless people are also more likely to occupy the property and use it for nefarious activities while causing irreparable damage. If the house is likely to be vacant for a long time, remember to alert local authorities. And if you’re blessed with friendly neighbors, don’t forget to alert them as well.
- Prone to Maintenance Issues:
Without proper care and maintenance, vacant homes are prone to the vagaries of weather that could cause severe damage. While rain, snow, and wind could damage the exterior, mold and pests can wreak havoc on the interior. And if the house has a pool that isn’t well maintained, the cost to clean it could run into the thousands. As for utilities, it costs more to restore services than to pay for continued service—this is especially important if you are planning to sell or rent the house shortly after purchasing.
- Prone to Foundation Problems or Issues with the Roof:
In areas with low-quality soil, clay-rich soil for example, a foundation could pull apart and collapse under a house. This is especially true for homes in areas that have just had a dry spell. Lightly watering the lawn during the summer can keep the soil moist and prevent this problem. But since vacant homes are usually not looked after, foundation issues like the one mentioned above are quite common. Roof issues are another common problem affecting vacant homes. Since these homes are typically neglected, a simple peel, bend, or broken tile could cause rainwater to leak in, creating extensive water damage.
These problems make it almost impossible to sell a vacant house the conventional way, i.e., by listing your home on MLS. That’s why they’re usually sold through open houses and without repairs: buyers get what they see, sometimes with a list of issues known to the seller. Another common option is to sell the house to fast homebuyers. Not only can you sell the house without repairs but for cash as well. Real estate investors can also promise a quick sale, sometimes within two weeks. You don’t have to pay anything for closing or repairs either—the buyer takes care of everything. Lastly, you don’t have to spend on overhauling the junk!
This solution makes a lot of sense to people selling inherited homes and even hoarder homes. All that you have to do is call them for a quote!