Buying Foreclosed Homes-Determining A Good Deal

By shaye • April 30th, 2010

You might have come across instances where you find an attractive foreclosed house and instantly buy it below the market value. You will surely feel proud about yourself for getting such a good deal. But wait! Did you inspect the house?

Whenever you are buying foreclosed homes, an essential aspect you ought to keep in mind is to ensure that you inspect the home before placing a bid. Or else, you would be regretting when you realize that all the money you saved is being used up in renovation and repairs. Thus, killing all hopes of reselling the property

These days, you would find many foreclosed properties that have been neglected and vacated, bearing marks of the previous owners financial upheaval. As a result, you ought to have an eye for knowing the deals from the duds. However, if you lack the necessary knowledge or time to conduct an extensive inspection, hire a professional inspector or assessor for checking the property carefully. Try to look for wood rot, mold, termites and pests. Incase of the structural problems look for sagging roofs, cracked foundations and leaning walls, as they need very expensive repair work. Take a walk through the house and be on the look out for minor repair jobs that should be done. Even a small fixing job of a broken doorknob or leaky faucet could add up to your expenses.

To gauge how much a home requires renovation or repair is directly related to your readiness to revamp the house. Identify your comfort level to repair. Are you more interested in a house that needs minimal fix ups and you can enjoy your stay without much ado? Bear in mind that homes with more repair work are put up for sale at the lowest prices. Repair expenses and the time duration needed for the same are major decisive factors to be considered before buying these houses. For novice buyers, buying a home that needs minimum repair is the best alternative.

After purchasing a house that requires some revamping and repair, you might have to deal with the problems immediately. This could be because you want to enjoy staying in that house as soon as possible or you want to resell it at a profitable rate.

Following are some handy tips and tricks for sprucing up the house without losing out on time:

If you are planning to live in the house, concentrate on the comfort and structure to begin with. On the other hand, if you are thinking of reselling the house immediately, concentrate on renovations and repairs that would make the house more appealing as the decision of the buyer mainly depend on their first impressions.

Consult contractors and investors to know more about the buying process and the problem areas. The more knowledge you acquire, the better are your possibilities of getting a good offer for all the revamping needed.

Acquaint yourself with the local discount stores and sources for second-hand building materials, as it would reduce your material costs. Moreover, you can also do the repair works yourself to save considerable amount of money on labor.

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