A house for sale that has already been vacant for a long time can be an attractive deal for you, but if you're not careful you may end up buying a house with a lot of problems. If you want to buy into Peoria real estate and are looking through Peoria homes for sale, homes that are still occupied of course will be priced differently from vacated homes. There are many reasons why a house could have been vacated while put on the market. The occupants may have been going through a major change in their life, like a divorce, or the death of a family member, or they moved to a different state because of an attractive job opportunity, or the house may have been foreclosed or sold in a short sale.
Depending on the situation, many vacant homes can be problem homes. Here are some reasons why:
1. Neglect and vandalism. - Many vacant homes, because there isn't anybody there to watch over the house and take care of them, become victims of vandalism. There may also be problems with neglect because the maintenance routines have been stopped.
2. No utilities mean limited home inspection. - Houses that have been vacant while on the market would also probably have the electricity and other utilities cut off. Some people think that it's as simple as reconnecting the utilitie when they move in, but the truth is that no utilities also mean you're going to get limited house inspection results. It's going to be impossible to determine if something is wrong with the plumbing if the water has been turned off. Gas leaks, wiring problems with the electric circuits, heating and cooling issues are just some examples of other things a home inspector won't be able to determine if the utilities are cut off. This is a great risk for you to take, since you could be faced with a lot of major repairs in the future without you knowing what needs to be fixed in the home you are buying. It's possible for you to arrange for the utilities to be turned on temporarily but it's a process that would require you to put down a deposit for the utility bills and put your name on the account, even if you're not the owner of the property yet. It's a bit of a hassle but if you really want the home inspection to be thorough, it's something you need to look into. Just don't forget to arrange for the disconnection of the utilities after.
3. Getting insurance for the home can be difficult. - Most insurance agencies will not be willing to insure a vacated house unless they send in their own agent to look at it, and even then it's likely that the insurance premiums will be a lot higher than other kinds of homes. It's because properties like these are big risks for them as well. Having an insurance agent look at the home is a good way to know if the home is insurable or not before you proceed with the purchase.
Finding a good vacant home can be like finding a diamond in the rough. It's not easy nor simple, but if you want to go that way, you should at least know what precautions to take to protect your interest.
Hermann Campbel is a writer who writes about real estate properties and a variety of other related topics. Visit our website for more information about searchpeoriaazhomes.com Peoria homes for sale and to look at searchpeoriahomes.com/peoria-real-estate Peoria real estate listings.
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