Buying an Abandoned House

@aeiou78 (3457)
Malaysia
October 23, 2012 2:53am CST
There is a suggestion from the real estate agent to buy those abandoned houses because it will be cheaper and more cost effective by comparing to buy new houses. Of course, this is a good suggestion especially when there isn't anymore land to build new houses within a busy and crowded city. However, I personally feel discomfort to own those abandoned houses because of the bad psychological impression and my belief too. Do you think if it is all right to buy and stay at those abandoned houses?
6 responses
@ally12 (1204)
• Philippines
24 Oct 12
Aha..We just have same feeling. As soon as I read your discussion title the first thing that came my mind is something creepy. Tho its really cheaper I think to buy a second hand house. And if you are really interested on it then make some investigation of the house history. Why it was abandoned, where are the old owners now, etc.. well if the history is something nothing to worry about then why not consider buying it?
@aeiou78 (3457)
• Malaysia
25 Oct 12
Yes, we must find out the reasons the house for being abandoned before we decide anything. However, it is very hard for us to find out the truth before we buy it. Those neighbors will only start gossiping after we buy it. Anyway, buying house is something like trying our luck too. If we personally feel comfortable when we visit it, then it will not be a problem home to us later. In my advise, abandoned house will be good to be renovated and to resell. For my own house, I want a totally new house.
@ally12 (1204)
• Philippines
25 Oct 12
I heard it too that buying old houses to renovate and sell afterwards has a good potential for business. I do even want to get into that business but I have no enough money to start yet.
@mikyung (2234)
• Philippines
23 Oct 12
My friend who is a licensed real estate broker, mentioned to me this idea, buying those forclosed property. As what you just stated, it's cheaper, and you can be sure that their papers are genuine. I believe if it is good and not "creepy" location and even it is slightly used, there is no problem in making a renovation. I would have it if I have the means and have it house blessed right away. Thanks
@aeiou78 (3457)
• Malaysia
25 Oct 12
In my personal view, we must find out the reason it is abandoned, then only we consider if it is worth to own it or not. For instance, my cousin bought a haunted home. They were disturbed by making the odd noises since the first day they moved in. The door of the cupboard slammed and opened by itself. The floors and the ceiling were knocked with noises and so on. At last, they saw a little girl with read dress who played at the living room during the late of the night. From what my guessed, this house was built on her place where she was buried. If we could have a ceremony to invite her to move out, then this house was still a good house to stay. ha! ha! I just want to share whatever I heard with you and hopefully it is not the truth too.
• India
23 Oct 12
Hi friend, some persons will abandoned some houses due to wrong faith and superstitious beliefs, there is nothing wrong in buying this kind of houses, we can get them in cheap rate. But if the land is not good as well as the place is with some risks, then we will give up the buying idea. We must be very careful while buying the land and building, now a days lot of scams are available in real estates
@aeiou78 (3457)
• Malaysia
25 Oct 12
Yes, you are right. There were few cases about buying fake lands with fake documents. Those victims only discovered being cheated only when the relevant land owners noticed their lands being built or developed for other purposes. To avoid such fake cases, it is good to get loan form the bank so that, the bank will go through the whole procedure to verify all of the particulars of the land. In addition, the money we have paid will be very difficult to recover too.
@jaiho2009 (39001)
• Philippines
23 Oct 12
I agree it is a lot cheaper, but you must consider the condition of the house. How much will it cost you for renovation. In my opinion, it is better for me to buy a new one- a vacant lot and have my own design and architecture than buying an abandoned house.
@aeiou78 (3457)
• Malaysia
25 Oct 12
Yes, you are right. We must consider our budget to make good of the whole house before we decide to buy it. However, we can bargain for the lowest price since it is an abandoned house. Of course, I do not dare to keep it for my own use since this house has been abandoned and I do believe that there must be certain bad reasons for being abandoned. However, I do think this abandoned house will provide me a business opportunity which I am desperately looking for.
• United States
23 Oct 12
buy the house renovate it and sell it. make some money,this maybe the opertuntsity you have been waiting for to get into the remodeling business. Lots of money to be made on the buy and sell. think about it. be asharp trader make alow offer then the reagent will help yopubuy at your price. good luck
@aeiou78 (3457)
• Malaysia
24 Oct 12
The local government here imposes high taxes on the net profit when we buy and sell a house within 5 years. This year, the government increases the tax from 10% to 15% of our net profit if we own a house and sell it within 5 years. The main purpose of this tax is to increase the Government's revenue, to stop those who just mainly want to earn from selling properties and causes the high inflation. But even though the tax is high, I still can consider to do as per your suggestion because I can sell the houses with higher prices and the buyers are the one to bear those taxes too.
• Philippines
23 Oct 12
Yeah its a lot cheaper though scary to think that there's a lot of things happened to that house and we will not know if its haunted yet structured is not that stable enough so you will be paying a lot of renovations than buying a brand new house and be the original owner. Though in my case, i will rather want to buy a lot and build my own house according to my own plan and model.
@aeiou78 (3457)
• Malaysia
24 Oct 12
I do have the same point of view to buy a new house which is for my whole family to stay comfortably even though an abandoned house can be cheaper or with more discount since it is already abandoned for quite some times. Just because there was a discussion about buying abandoned houses from the real estate agents, I started to query myself if it should be wise to do so or not. ha! ha! May be abandoned houses are go to buy for renting only, I think.