Zombie Homes In Massachusetts Are More Dangerous Than You Think
Blighted structures are eyesores but can also threaten the safety of squatters, folks in the neighborhood, children and your retirement. If you've got a zombie house nearby, don't ignore it.
What Is A Zombie House?
I had the chance to speak with Bishop West Real Estate in Adams, Massachusetts about the multiple dangers of rotting zombie houses. If you purchase a zombie house on the cheap, however, there are some positives.
A Zombie House is typically a house that has either been foreclosed on or the lender has begun the foreclosure process making the owner move out to enable the sale of the property but then canceled the foreclosure process...so it's typically a vacant property of sorts that's been sitting around for a long period of time. That's where the title "Zombie House" came from.
What's A Vampire House?
A vampire house is kind of the opposite. It's when the bank has foreclosed and the owner refuses to leave even after it's completed. This happens when the bank has not attempted to remove the person for some reason.
Does A Zombie House Always Need A Ton Of Work If You Buy It?
Not necessarily, it could be a house that was in not that bad of shape when the owners left it. A lot of times in these foreclosure situations or when the owner is losing the house, it's usually in disrepair or they have left it as is full of stuff...there could be a myriad of different things that go on with that, but typically you would assume that a zombie house is gonna need a substantial amount of work.
Is There A Benefit To Buying A Zombie House?
If you're gonna buy something that is in need of repair and is valued much lower, if you get in there and put some sweat equity into it, do some hard work, you could probably reap some benefits on that. It's similar to flipping a house. Or you can buy it and keep it and you then you have a substantial amount of equity.
The Dangers Of Unsuspecting Zombie Houses
- Squatters are attracted to abandoned properties. Drug use and fires are all at high risk in this situation.
- Widespread mold.
- Wild animals are attracted to empty structures. This poses a safety risk to kids.
- Property values can plummet in neighborhoods with zombie homes, potentially affecting your main source of retirement income.