Many Conway homes undergo renovations and improvements before being listed on the market. Some of these improvements help boost the chances of selling the house quicker and at a reasonable rate. On the other hand, there are also improvements and renovations that have the opposite effect.
If you are purchasing Conway homes for the purpose of reselling them or renting them out as an additional source of income, you need to watch out for these improvements and additions that are unattractive and unappealing to most potential buyers and renters.
If you are planning to buy foreclosed Conway homes, one of the first things you need to look at is the property’s maintenance. Has the house been properly maintained? Are the major systems – including plumbing, electricity, heating, etc. – still in an efficient working condition?
It is important that you take time to look at how the house and the entire property were maintained since it has been foreclosed. Aside from ensuring you and your family’s safety and security in the house that you are considering buying, knowing about the maintenance of a property will help you to negotiate terms that will benefit you and the seller.
In a Conway real estate investment, a foreclosed home can be a jackpot deal or it could be a dreadful money pit depending on the property’s current condition. But it should not be only about that. There are other important things that buyers should carefully look at if they are looking to invest in a truly prized foreclosed home.
There are things buyers should do to ensure that they will be getting the best deal and that they won’t end up spending more money than buying a newly built house.
Here’s a cheat sheet that you can follow to ensure a successful Conway real estate investment with foreclosed homes.
1. Hire a home inspector – Home inspectors have that unique skill and ability to find necessary repairs and problems in every property that even a homebuyer with a keen eye couldn’t do. It’s probably because of their many years of practice. Regardless, if you are buying a foreclosed home, even if you’ve already gone through the entire house, you still need to hire a home inspector.
For a few hundred dollars extra, you’ll get a complete report of the structure of the house including details on its mechanical, electrical, plumbing, and other major systems. It is important, however, to ensure that you are working with a licensed and credentialed home inspector–one with years of experience to prove his or her excellence. Aside from providing you with information that would help you better know the house you are considering buying, the inspector could also help you plan which repairs should be prioritized.
2. Read up on the house’s history – The importance of reading up on the house’s history is for you to find out whether there are any material defects on the house. Knowing the house’s history will also give you information on the types of materials used in the construction of the house as well as in developing its systems. And with this knowledge, you’ll be able to clearly picture which systems should be updated and what types of repairs and renovations the house needs. As a result, you can decide whether or not the foreclosed home is a smart investment.
If you’re having difficulties getting your hands on documents that would give you information on the house’s history, enlist the help of a Conway real estate professional. They have all the right connections in their network to get a copy of the information you need.
3. Hire service contractors to check the major systems – If the house you are considering buying has been left unoccupied for a long period of time, it would be wise to hire service contractors to check the safety and operations of the major systems in the house. Hire an electrician to check whether or not the electricity still functions properly. Have a plumber look at all the pipes and water lines and ensure that water can freely flow through all of them. Trying to make these function at your first visit could only result to more problems. Hence, it is best to have experts look at them first before switching them on.
Jill Klunk can help you ensure that the foreclosed home you are buying is not a money pit. Call them now to inquire about their professional Conway real estate assistance.
We got Jill as our realtor in 2012 when we moved to Conway, she helped us get our house that she now helped us sell!! She did a great job for us in buying and selling!! Would recommend her highly to a…
Joyce C. 6/23/2014
Jill Klunk is a dedicated agent that goes above and beyond in her real estate business. She knows all the ins and outs and puts her clients first. I highly recommend her.
Ann C. 6/22/14
Jill Klunk, thanks for your home and appliance tips as well as the money saving tips. You are a great and innovative realtor.