Buying a foreclosed home at an auction can lead to some of the best housing deals given the retail prices on new homes are growing steadily year over year. Unfortunately, not all auctioned homes come in working order. In fact, many will need some serious repairs once you’ve paid the auctioneer. So, what are some of the most common repairs you may need to make after buying a foreclosed home at auction?
Patching or Replacing Leaky Roofs
All roofs deteriorate over time. This can happen for a variety of reasons including water damage, sun damage, and excessive snow fall. When looking at the exterior of a home for sale, look for some common signs that the roof will need to be replaced. This includes things like missing shingles, visible bowing of the roof inwards, discoloration of particular areas, and moss or other plant life growing on the roof. Luckily, residential roofing is one of the most common replacements which means it should be easy to find a great contractor for the job.
Replacing Dated Windows
Windows are one of the most common places for a home to lose heat during the winter and cool air during the summer. This is especially true in older homes which may only have single pane windows. By replacing the windows not only are you updating the home, but you are also saving money on your future heating a cooling bills. Plus, thanks to improved manufacturing technology, windows which look identical to the classic windows originally designed for a home are easier than ever to purchase.
Fixing a Deteriorating Foundation
A faulty foundation can be one of the most expensive fixes when buying an older home. This is because unlike the roof or windows, the foundation is very difficult to access. In fact, it is often impossible to tell if a home has a sound foundation without consulting an expert. Typically, visual cracks near the base of the home on its exterior are a tell-tale sign of foundation issues.
Heating and Cooling Upgrades
Older homes typically use very inefficient ways to heat and cool the space such as electric baseboard heaters and window mounted air conditioners. To improve the home and save money on heating and cooling, a new central air and heat system may need to be installed.
Being an informed buyer can help you to have better judgement when bidding on a home. If it is apparent that one or more of these repairs will need to be make, fully account for them when setting a maximum budget for bidding.