Some home buyers think they are scoring a great deal when buying a vacant home because it's usually priced at a bargain, but here are some issues you may need to look out for.
Consider that most vacant homes are the result of a short sale or foreclosure and the home may be in grave disrepair by the time you get a hold of it. Sometime these homes are even vandalized without close supervision so you may not know exactly what you are getting without a thorough inspection.
When it comes to the inspection, there may be issues that cannot be helped there as well. If the home has been vacant quite a while the utilities may be turned off in which case more than half your inspection cannot take place and you may discover many issues once the lights, water and gas are turned back on.
Also you may need to check with you homeowners insurance as some will not insure a home that cannot pass a simple inspection on major appliances and functionality. Each home, insurance and area is different so be sure to check with us about your home. You may be able to do a feasibility contingency on the purchase and sale contract to allow you to turn on certain utilities for an inspection.
The wiring, plumbing, roof and insulation are all major issues that may have taken a toll since the last home owners moved out. These are all things you will want to take into account and deduce whether they will need fixing or attention at all. This may turn you off to the once attractive purchase price.