Have you ever seen the shabby house with the boarded-up windows and the warning sign on the door? The house has been condemned. But have you ever thought about how the house ended up in that condition? What would be possible with such a property?
These all questions will answer as you continue reading this blog. When a government declares a house dangerous or unfit to live in, it is condemned. Once a home has condemn, it cannot occupy again until it has restore and inspect.
Let us start with some basic information about the condemned house. And then check the details one by one…
What Is a Condemned House?
A condemned property is a house that has been deemed unfit for habitation by a government authority. This is due to structural problems, dangerous conditions, or simply a lack of proper maintenance. The process of condemning a house is a lengthy and complicated one, and can often result in the property being sold off to the highest bidder. This can a hugely traumatic experience for the inhabitants, who may find themselves homeless and out of luck.
What Can Cause a condemned House?
There are many reasons why a house may be condemned. The most common reason is due to structural problems. For example, if the foundation of the house is deteriorating or there are cracks in the walls, it may need to condemn. Houses can also condemn for environmental reasons, such as asbestos or lead paint that would require an abatement process before it could become safe to occupy again.
The demolition process begins with a notice of condemnation by a city inspector. Next, the owner has 90 days to either demolish the building or bring it up to code and have it re-inspected. If they do not comply within this time frame, then they will fine and eventually forced to demolish their property themselves at their own expense. These might caused by the upkeep of the house, natural disasters, and the overall structure. Depending on its current state, a home can receive a condemned label because of one issue or multiple.
A few reasons for condemnation include:
- Structural deterioration from weather disasters
- Infrastructure failure
- Black mold
- Unsanitary living conditions
- Unsafe building materials
- Termite damage
- Fire and water damage
For instance, a single house in a nice neighborhood could condemn because it has termite damage and unsanitary living conditions from the people living there. Conversely, many houses on one street could consider unsafe because local sinkholes could swallow up their properties.
Houses also condemn if they have abandon and board up for a long period. They can also condemn if they lack utilities like water and electricity. These are essential for residents to practice basic hygiene and to stay safe in extremely hot and cold months.
Pros and Cons of Buying a Condemned Property
Just because you purchase a condemned structure does not mean it is the perfect option for your home purchase. There are other disadvantages to investing in a condemned house, in addition to the lengthy process of securing approval for the sale. The main difficulty is that you will have to pay for the price of repairing the house so that it can be livable once again. The house may need to be totally demolished and rebuilt from the ground up in some cases.
If you stroll around the property and identify possible problems, you may see additional difficulties when remodeling, increasing your expenditures and putting you over budget. These new repairs might take a long time to complete.
You’ll need to find another place to live while you’re remodeling your house. This might involve temporarily renting an apartment or paying two mortgages while the restoration can finish.
However, buyers interested in investing in condemned houses have various options. For instance, you might be able to obtain a good offer on the property. Local governments do not want decaying residences in their communities, but lenders want to recover any lost revenue. By looking at condemned houses, you might be able to find a wonderful piece of property in a desirable location.
|Also Read: Pros And Cons Of Real Estate Investing|
Is it possible To Sell a Condemned House?
Yes, actually it is possible!
If you are the owner of a condemned home, you may want to consider selling it. This isn’t always simple, though. Even if you know someone who can make the necessary renovations, some local governments will not allow you to sell a condemned house. If the house condemn, you may only have a limited time to repair things or sell them before facing the situation to depart or the government seizes it.
If you reside in an area where a condemned house can sell, be honest about its condition. Bring in investors that specialize in rehabilitating or razing properties that have been condemned. These are likely to be cash purchasers who do not require financing and can purchase your home quite quickly.
You also have the option of doing the repairs yourself. In most situations, this is easier than it sounds. While termite damage and black mold can remedy, some structural issues are unfixable. The home will have to be demolished totally. Bulldozing the house and selling the unit as a piece of land may be preferable in some cases.
Constructors who can start from scratch and aren’t concerned about the condemned house may find this more tempting. Consult a real estate professional to devise a strategy for selling your foreclosed property. They might be able to provide you with precise advice on whether you should fix the property yourself or sell it to someone else.
We hope whatever we have discussed above is enough for you to understand the Condemned house and its causes. There are a lot of things you need to keep in mind before buying a condemned structure. Purchasing a condemned house might be an attractive investment. You must, however, be aware of the risks and have backup measures in place to preserve your investment.