A year ago now my husband and I bought a foreclosed home. It was our dream property, we had fixed up a few homes before so we were ready to dig into this project. While I would never wish we had done this, I do wish that I was more prepared for what we have encountered. Here are the 5 top things that we learned about a foreclosed home.
1. Be ready for a home that has delayed maintenance– The former owner was doing all they could to keep their home and were not able to keep up on all the maintenance projects that needed to be done.
2. Get a thorough inspection– While we knew that there were issues, many of them were much worse than we expected. We bought it as is and have had quite a few projects go much different than expected.
3. See if there is a possiblity of getting a home warranty. We had the oven go out right after we closed and some major issues with the furnace. It is very inexpensive and can save you lots of money in the long run.
4. Look back at the before pictures occasionally. It helps to see how far you have come in making it the home of your dreams. Always looking at the to do list that keeps getting longer can feel overwhelming.
5. Enjoy it– It can be easy to get overwhelmed in the projects to make it so that you don’t enjoy your home. Take some time to just sit back, smell the roses and dream a little bit. You will find that you will be happier and more content to slowly nip away at the projects at hand.
While purchasing a foreclosure can be overwhelming at times, it is also a fun and exciting adventure. You get to put your mark on the place you call home and there is nothing more than the pride you feel looking at making your dream come true. It is also a pretty good investment with a pretty good return.
