What Is a Condemned House and Can You Purchase One?
Do you know of a condemned house that you might want to buy? Are you wondering what a condemned house even is? Can you actually buy one?
These are all good questions, particularly because buying a condemned house can represent a good investment opportunity. But the rewards of a condemned house purchase are not quite the same as a normal house buy.
So, we need to dig a little deeper to answer those critical questions above. That’s what this article is all above. So, let’s get cracking!
What Is a Condemned House?
A condemned house is a residential property that authorities have closed or seized.
The most common reasons for authorities declaring that a house, or any other building, is condemned include:
- The property has some significant safety concern (e.g. poor construction work or deteriorating foundations)
- The property has some significant health concern (e.g. an infestation of animals or the presence of harmful chemicals)
These types of properties can sound a little bit scary, to begin with. Also, the name ‘condemned’ can make them sound like properties that are going to be destroyed.
But this is often far from the truth. Many condemned properties can be declared safe and healthy to live in and can pose a great investment.
Can You Buy a Condemned House?
The simple answer to this question is yes; you can buy a condemned house.
But the circumstances of the purchase are not straightforward. For example, before you are able to live in the house, you are going to need to rectify whatever issue has caused the house to be condemned in the first place.
Often, people need to sell a condemned house because they don’t have the necessary finances to resolve this issue. A company like I Buy SD helps those in need of selling a condemned house quickly for upfront cash.
Such companies make it possible for buyers to find houses on the market that are affordable, as long as they are prepared to spend a little money getting the property in order again.
There are certain risks of a condemned house that you need to be aware of, though. You need to be absolutely sure how much time and money will be required to get the house to a livable state before you buy.
You don’t want to be stuck with an unsalvageable property.
Be a Savvy Buyer
Now, you have a good idea of whether it’s possible to buy a condemned house. You know that it is possible, but that a certain amount of care needs to be taken in the process of purchasing.
So, our last piece of advice is to be a savvy buyer when looking at condemned houses. Many of these properties will be wonderful investment opportunities, while others might require more work than they are worth.
So, take your time, be careful, and find a good deal!
If you’ve found this information useful, why not check out some of our other great articles on investment topics?