You’ve probably seen and heard plenty of advertisements about buying foreclosed homes in Atlanta and how much money you can save. The drastically reduced prices are enticing from a distance, but what are you really getting yourself into? Repairs, location, and legal issues are among the things that potential homebuyers should think about when comparing foreclosed homes with new Atlanta homes.

The most obvious thing to consider is how long a house has been unoccupied. Anyone who has ever been a  homeowner knows that a house does not take care of itself. Who, if anyone, has really been caring for the foreclosed home? It’s very possible that you will find yourself spending more money and time than you had originally intended. Repair costs might not be included in your loan for the property, so keep in mind that you could end up paying for these repairs out-of-pocket. And remember that not everything that needs to be repaired is visible on the surface; there are probably things you never thought about like pipes that have burst, bad plumbing or wires that have gone missing.

Secondly, like any other home, you should look at its location. Is the foreclosed home in a nice neighborhood? Would you really want to buy a house in a neighborhood that is generally in bad condition? Be aware that it might be hard for you to resell down the road. Settling for a house because it costs a lot less is not always the best reason to buy. Although there are foreclosed homes out there that are worth buying, you have to be careful of the surroundings too.

Another factor worth mentioning is that many foreclosed homes do not come with a warranty. You can try writing it into an offer or asking the lender to provide a warranty, but you are not always guaranteed. When purchasing a new home, you have a builder warranty preventing your from paying out of pocket to repair anything that breaks in that time period.

The low cost of foreclosed homes is appealing, but be sure you weigh all of the pros and cons to make sure you really are getting a good deal. These are only a few of the factors you need to consider before purchasing a foreclosed home. Make sure you are a smart home buyer by getting all the information you can about the house beforehand.