The fact is that you can’t expect the property to be made livable in a short span of time. If you are new to purchasing auctioned homes, expect a whole lot of time spent in renovating it before it actually becomes livable. There needs to be real follow-through, and that means taking anywhere from several months to even up to two years.
Considering that a lot of the homes which had been foreclosed are in bad shape, this makes them less than desirable living spaces. You will find doors missing, windows broken, many utilities being non-functional and the like. You’d have to spend some money first for necessary repairs and hiring services to address those concerns.
A lot of the homes available for auction often have rather special features about them which make it all too good to pass up and just tear down immediately. Sure, the plumbing may not be up to par, but if you’ve got a rather swanky fireplace that only needs a few touch ups, that’s reason enough to get everything else fixed. The details will stand out even more if that’s the case.
In such cases, you can either kick the occupant out or be the landlord and expect payment for them living in the space you purchased. There are still about 20,000 homes out of a total of 60,000 which had been faced with foreclosure yet still have occupants. If you purchase a home, the outcome is entirely dependent on you.
It’s only because they are in shambles that they’ve been given such titles. Truth be told, you’d have to invest some money into it, perhaps right around the 10,000 dollar range just for repairs, in order to make it viable as living space. The worst case scenario is you spending way more for that, including utilities, furniture, water bills and many other factors that go into making it livable. It may sound like a hefty investment, but trust me, it'll be worth it.
Of course, for homes which have some historical value, 9 months is the maximum time allowed. If you don’t take care of the regulatory requirements, you’ll end up losing the home, thus throwing away all your initial expenses for it. Hence, it is necessary to have a budget prepared beforehand for the repairs to be done.