When people are in the housing market and trying to decide on buying a home, they often let their emotions take the wheel. This can lead to mortgages that can’t be paid due to homeowners overextending themselves on their loans. Of course, part of this can be chalked up to lax lending procedures, but the bottom line is that many people who let their emotions take the reins when buying a house may find themselves regretting it. How could emotion-heavy home purchases potentially lead to more foreclosures? And how can property owners protect those vacant properties if they do go into foreclosure?
Overextending on Loans, Unaffordable Mortgage Payments
Unfortunately, many people who enter the buying market wind up purchasing homes that aren’t what they originally intended on purchasing. Maybe they wanted a 2-bedroom, 2-bath house with few luxuries, but were spellbound by a 4-bedroom, 3-bath house with a pool in the backyard, a nice deck, all wood floors and new bathroom fixtures, the whole nine yards. Of course, all of those upgrades don’t come free and they may have overextended themselves on what they assumed they’d be able to pay back. Sooner or later, they may find themselves struggling to make payments and eventually losing their homes to foreclosure.
Safeguarding Empty Properties
Once properties are foreclosed on and left vacant, banks and other property owners need to find a way to set up security for doors and windows on the homes. Leaving entry points vulnerable to criminals, vandals, and thieves shouldn’t happen, and using metal window guards and door guards is one way to shut out people who don’t belong in a building. Owners should also try their best to turn the property over—to resell it as soon as they can. However, because foreclosures can be lengthy processes, security for doors and windows should be a primary choice when trying to protect a vacant property.
If you manage vacant properties and want to prevent damage, theft, and vandalism, check out the security options available from DAWGS.