Articles and Advice

5 Things To Consider When Buying A Vacant Home

Found a vacant home on the market? Here's what you need to know if you come across one of these properties.

Who doesn't love a bargain? If you find a vacant home for sale, there's a good chance it's the best deal on the block--but that low price tag could also come with potential risks. We're not saying that you should always avoid buying a vacant home, proceed with caution. Here are five things to be aware of when you're considering a vacant home.

Plumbing Woes
The plumbing is one of the most vulnerable areas in a house that's been sitting empty for a period, especially if the previous occupant didn't take enough care to turn off the water properly, drain, and treat the pipes before moving out. As a result, you're likely to discover cracked gaskets, dried-out valves, and even ruptured pipes when you turn the water back on. To give the home inspector a better shot at detecting plumbing issues, turn on the water for a few days before having the home inspected. If there's a leak, you'll know it.
Pest Control Problems
Vacant homes offer a perfect opportunity for mice, rats, bats, and squirrels — even raccoons and possums — to set up shop in a warm, sheltered space. Chances are, there are at least a few critters holed up in any vacant house, so hire a pest control professional to do a thorough check before buying. The big problem with pests like mice and rats isn't just that they're a nuisance but that they sometimes chew up wiring and insulation, leading to more expensive damage.
Incomplete Inspections
If a home's utilities are all turned off, it's impossible for even the most dedicated home inspector to thoroughly check the electricity, water, gas, heating, and cooling systems, along with all the appliances connected to these systems. And if a home has been vacant for a long time, there's always a chance that some issues are present. Having all the utilities temporarily turned on before the inspector arrives is a hassle, but it could save you from buying a house with significant defects.
Future Maintenance Costs
So, you've taken the necessary steps, hired an inspector, and the house in question comes back with a clean bill of health — for now. The problem is even if the home seems fine now, the fact that it has been vacant or abandoned for an extended period could still be a problem down the road. Vacant homes tend to come with a lot more future maintenance costs than a new or well-maintained older home, so make sure you're prepared for the possibility of costly repairs down the line.
Insurance Obstacles
You may want to get homeowners insurance for your peace of mind, or you may be required to insure your home, depending on the situation. Either way, most insurance agencies won't insure a vacant house without having their home inspector check it out. And even then, they may require that you have some costly repairs done before they are willing to issue a policy.

A vacant home may be just what you're looking for when buying a home. Ask your real estate agent about the pros and cons of each property you look at, and you can be sure you'll make the right choice.

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5 Things To Consider When Buying A Vacant Home

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