Benefits of Buying Probate Properties

Pros of Buying Probate Properties

Potential Lower Cost

Probate properties can sometimes be a real bargain. As the executors often just want to sell the property as quickly and simply as possible, you could end up getting the house for a much lower price than you would on the open market.

Renovation Opportunity

Probate properties often need a bit of work as they’ve been lived in by the same person or family for a long time. This can mean that they’re a good buy for someone who’s prepared to invest some time and money to bring them up to date.

No Chain

There’s also no onward chain to consider because the property is being sold by the executors. This means that once probate has been granted, things can move along quickly.

Long Completion Time

And there’s the fact that the executors aren’t in a rush to move into their new home. So if you’re looking for a property where there’s a bit of leeway around the completion date, then a probate property could be just what you’re after.

Cons of Buying Probate Properties

Unpredictable Time Frames

The probate process can be time-consuming and unpredictable. Delays in court or unexpected legal issues can hold up the sale of the property, which can be frustrating if you’re eager to move in.

Property Condition

As mentioned earlier, probate properties have often been lived in by the same person or family for many years, and may not have been updated or maintained. This means that you may need to budget for renovations or repairs.

Bidding Wars

Because probate properties can be a good deal, there can be high competition from other potential buyers. This can lead to bidding wars, which can increase the price and create additional stress.

Conclusion

In conclusion, buying a probate property can be a great opportunity to purchase a property at a lower cost, with plenty of potential for renovation and improvement. However, there are also potential downsides, such as unpredictable time frames, property condition, and the potential for bidding wars. Therefore, it is crucial to thoroughly research and consider these factors before deciding to purchase a probate property.

If you’re looking to buy a new home, contact us here at Cooke & Co Estate and Letting Agents today.

Please Click Here to link seamlessly to hundreds of interesting community and property-related articles, videos, and pictures on our local blog/property insights page, Thanet coastal interactive tour, Up to date latest properties for sale and to rent, and much, much more.

Before you go, we would love you to comment or like this article. Please feel free to give your thoughts, helpful comments, or even suggestions of articles you would like us to write about.