Should You Buy Single Family Homes That Have Been Vacant A Long Time?
Posted on: 25 June 2020
Buying single-family homes in your area is a great way to really get the most out of your experience and buy a property that you can move into right away. Single-family homes are homes that are considered designed for single-family living, or not apartments, condos, duplexes, or other types of multi-family housing.
Sometimes single-family homes for sale have been vacant for some time. Vacant homes are houses that have been empty for some time, often due to moving out of the area before putting a home on the market, a death in the family, or even a divorce causing the home to be vacated. You can buy a home that has been vacant for a long time, you just need to be sure about what you can be getting into.
Talk to your realtor about your intentions of buying single-family homes for sale that have been empty for some time. Your real estate agent will help prepare you for this type of investment, and here you'll learn if you should buy single-family homes that have been vacant for a long time in the first place.
It depends on the reasons for the vacancy
Sometimes, single-family homes for sale are vacant before they are sold, and are in good condition other than being empty for a while. It's not uncommon for a home to remain on the market for up to around three months in a good market, so if the previous homeowner vacated the home because they found a home elsewhere, then buying homes that are empty isn't much of a risk.
Before buying a home that has been left vacant on the market for some time, get a bit of history of the properties from your realtor: if the home was abruptly vacated because of a death or divorce or another emergency, the property may be left in more disarray than a home that was vacated due to a job relocation or another home purchase by the previous owner.
It depends on the price of the home
The length of time a home has been vacant can be directly related to its price. A home that requires a lot of work due to neglect or vacancy can be a cheaper home on the market, but also might require some extra work. Still, you can build equity in single-family homes that are vacant and need some TLC, so discuss your budget and the current market trends in real estate with your realtor to help you see if this is a good option for you.
If you're looking into buying a single-family home, consider talking to Buyers First Realty.
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