Most foreclosed homes for sale that buyers will come across are all sold 'as is'. If one is looking for a really low priced property, then they have to be prepared to look into homes that have been sitting on the selling block for quite some time. These homes will definitely be in some state of disrepair or neglect, but that is not to say that they are not investment-worthy.
If a buyer has some background on inspecting foreclosed homes for sale because they have been buying up these types of property frequently, they should conduct the preliminary assessment themselves first before bringing in a professional home inspector. When inspecting a property, the buyer has to pay close attention to the structural condition of the home as this would definitely take up much of the budget for repairs, depending on the condition. You can minimize your cost if you find a property that requires little or no work on the electrical wirings, the plumbing system, and the heating and ventilation.
The cheaper types of repair will include superficial damages where much of the work will only involve replacement. This would include window panes, maybe some wall sections and some broken door knobs. If buyers can keep the cost of repair work in the minimum, they will free up budget for some renovation work. This would involve making some room partitions, stripping walls and flooring, and installing new cabinets and closets. One can let go of their artistic side and put their personal mark on the foreclosure they purchase.
Will You Need a Professional Inspector?
Even if you consider yourself an expert in assessing the condition of the property because of past experience, you will still need the word of a professional inspector. You need someone with formal training on spotting areas that will require repair. Inspectors are usually in the building business as well, so you can actually find a company that will do the inspection for you as well as the actual repair work. A good inspector has experience in evaluating foreclosed homes for sale and coming up with the correct numbers in terms of budget.