Foreclosures can offer a lot of benefits to the buyer, specifically low costs. But, that low cost comes with a lot of reasons, all of which are reasons to have a foreclosure professionally inspected in order to know exactly what you’re getting into. Keep in mind: a foreclosure might cost a few thousand, but you’ll have to pay a lot more than that to get the place into a livable condition. With an inspection, you could gauge the de facto price of the foreclosure.
Because foreclosures typically get left alone for months and months on end, they go through something that you might call abnormal wear and tear. The pipes, for example, may not have been running through the winter (or several winters) and could fracture as soon as you try to use the sink. That not only makes for poor water pressure, but leaks in walls, mold, etc. An inspector can catch this problem and you’ll be able to get a better idea of how much the pipe work will cost.
Also, keep in mind that where humans are absent, animals make a home. So, those walls could be filled with all sorts of critters, from insects to rodents to birds. So, have an inspector see what your vermin problem looks like, because you could end up tacking an extermination cost onto the price of the home.
But, that’s not all. Those animals do a lot of damage, including biting right through electrical wires, which means you could have some faulty electrical systems. In fact, even without animals, this could be a problem. So, you’ll need to see how much that electrician will have to do for the house as well.
Needless to say, an inspector will give you a better idea of the foreclosures actual cost. You’ll see what you’re getting into and, while it might not look pretty, you may still decide it’s a good idea. After all, the costs of remodeling, refinishing, electrical work and more might end up being well worth it. So, look into it and find out what your benefits will be!
