Buying a foreclosed home can be a worthwhile investment, but only if you’re careful to buy the right home. You can start by making a realistic budget that includes more than just the purchase price. It’s also always important to remember that you might have to spend more money on renovations and fixing the place up.
Include Renovations in Your Budget
Don’t let the attractive sticker price fool you. Some foreclosures can cost tens or even hundreds of thousands of dollars to renovate. Before you start shopping around, determine how much you’re willing to spend on renovations and include that figure in your overall budget. You should also consider what types of renovations you’re willing to take on. You probably want to steer clear of homes with foundation issues or serious water damage, for example.
The Time of Vacancy
Homes can quickly fall into disrepair when they’re not occupied. Homes that sit vacant for months or years at a time are prone to pest infestations, plumbing issues, sewage backups and more. The exterior might look fine, but there may be serious problems hiding just beneath the surface. If a home has been vacant for more than a few months, approach with caution.
Has the Home Been Winterized?
This is especially important here in the Chicago area. When unoccupied homes aren’t properly winterized, sub-zero temperatures can cause pipes to freeze and burst. This, in turn, can cause costly water damage and contribute to the growth of mold and mildew. If the home you’re looking at has been vacant during the winter, make sure the utilities were effectively winterized to prevent this type of damage.
Invest in a Home Inspection
You should get an inspection anytime you buy a home, but it’s especially important when you’re shopping for foreclosures. A comprehensive home inspection can identify serious structural and mechanical issues that might otherwise go unnoticed. It can also give you a better idea of just how much the home will cost to renovate. By spending a few hundred dollars on a home inspection now, you can save many thousands of dollars in repairs down the road.
At First Choice Inspectors, we offer inspections designed specifically for foreclosed homes. To learn more, feel free to give us a call or contact us online today.
A cracked foundation is one of the worst problems that you can have as a homeowner. The structural integrity of your entire house rests upon the strength and support of the foundation, so if there is a crack anywhere in it, it needs to be addressed and fixed immediately. Nevertheless, that isn’t the only issue you might encounter with a home’s foundation.
Summer will be here before we know it. It won’t be long before you are relying on your home’s HVAC system and, more specifically, your home’s air conditioner to keep your house cool. But before you start using it on a regular basis, you should take the time to prepare it for the summer season.
Long winters can subject your home to some serious wear and tear. Snowmelt can reveal all sorts of issues of varying severity that went unnoticed throughout the cold season. It’s important to take care of these maintenance items quickly in order to protect your home from further damage. The spring is the perfect time to get out and tackle these molehills before they become mountains. In this entry, we’ll look at a few simple steps you can take to protect and preserve your home this spring.
Many electrical devices and appliances are invaluable household tools, but they can also constitute dangerous safety hazards if you’re not careful. The first step toward preventing electrical hazards is educating yourself about them! Today we’ll address a few of the most common fire hazards to keep an eye out for in your home.
What are some signs you need a new roof? Well, for starters, consider the roof’s age. Most roofs last between 20 and 25 years, so if the roof hasn’t been replaced in several decades, it might be time to call First Choice Inspectors to come take a look and see about a possible replacement.
If you buy a brand new home, should you have an inspection done before you buy it and/or move in? The answer is yes. Even if the builder claims the inspection might void their insurance policy or says they’re afraid someone might get hurt during the inspection, you should still have an objective third party inspect it. If you are serious about protecting your investment and taking care of the home you’re going to assume ownership of, a fresh set of eyes should take a discerning look at what has been constructed. You want to know that what you’re buying is in great condition.