Sometimes, finding the perfect home at the right price means thinking outside of the box and considering unconventional properties — like abandoned homes.
Abandoned properties generally need a lot of work, but they can also be much more affordable than other options on the market, which can be a great way to get a deal and have some wiggle room for renovations. But how, exactly, do you go about finding and buying an abandoned home?
A recent article from realtor.com outlined the ins and outs of buying an abandoned home, including:
- Look for the right keywords. Many listings won’t explicitly say that a home is abandoned. But there are certain keywords you can look for in the listing that may indicate an abandoned home, such as “immediate possession,” “must sell,” “under appraisal,” or “below market value.”
- Talk to your agent. Your real estate agent is an invaluable resource on your home-buying journey, and that includes if you want to find an abandoned home. Your agent will likely be in the loop on abandoned properties in your area and can help you understand the pros and cons of buying one.
- Be strategic with your bid. Abandoned properties generally need a lot of work, so before you put in a bid, you need to understand how much that work is going to cost and bid accordingly. Try to get estimates for any work you plan on doing before making an offer, so that you know you can afford to make the necessary repairs and renovations within your budget if your offer is accepted.