When you buy a vacant home, you are possibly opening yourself up to a bunch of risks. Vacant homes are like sitting ducks from crime, decay, and pests. Before you purchase a vacant home there are some things to know and consider before you make a final decision. Below we explain what to know when buying vacant property.
When someone becomes a potential buyer of a home, they usually have a professional inspector come by and evaluate the condition of the property. When a home has been vacant, the utilities are shut off. This prevents inspectors from being able to assess the plumbing, electricity, gas, and heating systems. A buyer won’t know the condition of these systems until they purchase the house.
Some homes come with appliances. If a vacant home has appliances that have been sitting unused, a buyer may not know if the appliances function properly or need maintenance.
Pests will always be a part of our lives. When we do encounter pests in our homes, we have ways to get rid of them. When a home is vacant, pests and vermin like rats and mice can populate peacefully knowing they won’t be outed or exterminated. If you plan on buying a vacant home, be prepared to encounter some creepy critters.
Some vacant homes may experience damage through natural wear and tear, lack of maintenance, or damage left by the previous owners.
If a pipe bursts in your vacant home, you may not be aware of it for a while. By the time you return, there may be substantial water damage and mold from leaks and flooding.
Unfortunately, there are many people living without shelter in this country. An abandoned house poses an opportunity for those without to find shelter. If you go to check on your vacant home or have inspection, don’t be surprised if there are squatters living in it.
Buying a vacant home can come with a lot of advantages as well as risks. Just be sure you understand what to know when buying vacant property. If you plan for the property to be vacant for some time, be sure to obtain Vacant Property Insurance. This will protect your home while no one is living in it. We can help you find the best rates on insurance from some of the top Vacant Property Insurance providers in the nation. Contact us now and request a free Vacant Property Insurance quote instantly!