May 6, 2015

Posted by in Real Estate | Comments Off on Five Tips for Buying Houston Luxury Homes in Foreclosure

Five Tips for Buying Houston Luxury Homes in Foreclosure

Five Tips for Buying Houston Luxury Homes in Foreclosure

Buying Houston luxury homes can get very expensive very quickly. However, you don’t necessarily have to pay a million dollars for a house in a great neighborhood if you are willing to consider a foreclosed home. Just like any other city, there are luxurious houses that are in foreclosure due to financial problems of the current owner and these homes can be sold for a fraction of their value. If you are considering a foreclosed home, then you should consider these tips.

Tip #1 – Be Cautious

Before jumping at the first great price you come across, you need to inspect the home carefully. Most foreclosures do not go smoothly and angry homeowners have been known to take out their frustrations on the property, even former owners of luxury homes. Some of the damage will be visible, but some of it may not and you will need someone to inspect the property to ferret any problems that exist.

Tip #2 – Consider Your Budget

If the home you are considering has damage, you will have to determine if you have the money that it will take to make repairs to the property. While minor repairs may not be too costly, you will need to consider the costs of the clean-up, a contractor and crew to make repairs, building materials and other relevant costs.

Tip #3 – Has the House been Vacant?

The previous owners of the house you are thinking about buying may have left months ago and it is important to find out how long the house was empty. Usually the longer the house has been vacant, the more damage there could be. The damage could be from a bug infestation, dried out plumbing seals and sewer gases backing up into the house. You will have to consider these problems in your repair budget.

Tip #4 – Look at the Landscaping

When owners of luxury homes have financial troubles, the first thing they may stop spending money on is landscaping. Be sure to thoroughly inspect the grounds for overgrown trees that may be damaging the house. Look for vines growing on the house or growing into windows and look for root damage around the perimeter of the house. The cost of these repairs will have to be considered as part of purchasing budget as well.

Tip #5 – Check for Water Damage

Water pipes with cracks or those that were deliberately left on could have flooded the home and left behind mold. Determine if there is a mold problem and to what extent it exists. You may want to bypass this home and consider another.

With these tips, you can quickly determine if a house is worth the asking price or if you should keep looking.

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