Should You Buy a Halifax Home That’s Been Vacant?

For many people looking to buy a home in today’s market, a vacant Halifax home may seem like a great opportunity, but Buyer Beware. Many times there are hidden costly problems due to just this reason – being empty too long.

It used to be that homes became unoccupied due to life events such as death, marriage, or job relocation, but now more than ever it’s due to bank foreclosure. These situations tend to have a negative impact on the health of the home.

The American Society of Home Inspectors suggests that these homes tend to have problems due to regular maintenance being neglected because of financial hardships. At the time of leaving their house, many foreclosed owners have vandalized the homes by stealing copper wire or fixtures, or damaging appliances and pipes.

There are a number of other concerns surrounding the purchase of a vacant home. One is if the utilities have been turned off a home inspector will be unable to perform a thorough inspection. In some places, banks will allow prospective buyers to have the power turned on temporarily, but it can be costly and inconvenient. However, to forego those areas of the inspection due to no electricity could turn into an even costlier risk. Swimming pools are also an additional risk at the vacant home, with some inspectors excluding them in their report. Most buyers find they are forced to accept the pool in an AS IS state.

Another major consideration is insurance. Often, obtaining home insurance on an unoccupied home is more difficult, time consuming and costly. The company may require a home visit by one of its agents. There may be vacancy endorsements required if the buyer is not moving in immediately and riders added if major repairs are going to be done to insure it as a “dwelling-under-construction”, both of which are added at additional costs.

Although there are many good deals to be had out there and a vacant home can be appealing, a prospective buyer needs to take certain steps to ensure a good experience and reduce the risk of unexpected problems and repairs.

Working with a trusted Halifax real estate agent will also help you find a good foreclosed property for you – or an affordable pre-owned home. Contact Roy Thomas for all the details.

Selling? Now's the time to get a free home evaluation so you can price it right. Roy Thomas and his team can push your home to the top of the home list, by making sure potential buyers know of all the advantages to your home, inside the walls and out.

Buying? Visit our website today and sign up for my Exclusive Buyer Profile System to see the best homes first.