16. Think about the Costs and Benefits of Buying a Foreclosed Property
Buying a foreclosed home can be appealing, mainly since they are usually much less costly than market-value homes. Take into account, however, that foreclosed homes have higher repair costs. The previous owners were most likely unable to keep up with maintenance because they could not make mortgage payments.
Foreclosed homes are often more likely to be on the market for a more extended period, allowing them to fall into disrepair. When you plan to look at foreclosed houses, bear in mind that you will need to set aside funds for repairs. Almost every home would need to be fixed at some point.
