If you've been searching for homes in the Roanoke region for any length of time, you might have encountered listings for properties that are being sold "as is." This means exactly what it sounds like, too. The owner is selling the property in its acurrent condition and doesn't intend to do any repairs.

For some folks, "as is" means "stay away," but I think that for the right buyer, an as-is property can be an excellent opportunity. If you're curious about an as-is property, here are some things to consider:

What is the condition of the property?

"As is" can mean anything from a home that needs some TLC to a home that needs a complete rehab. Because the seller is not making any guarantees about the condition or quality of the house, it can be difficult to know exactly what you are buying.

While you may be able to visibly see some cosmetic issues with the home by simply touring it, there could be serious issues hiding in the walls or beneath the floors. A home inspection will give you even information about problems or defects, and in some cases, you'll want to order some specialty tests.

One other thing to note: Virginia is a "Buyer Beware" state when it comes to real estate. That means that other than a few specific disclosures, the seller doesn't have to disclose information about the condition of the property. A seller is prohibited from concealing a problem or lying when asked about the home, but it's up to you and your agent to ask the right questions.

Are the repairs in your budget?

Whether you're a do-it-yourselfer or you plan to hire a professional, you'll have to be prepared to spend some money. If the price of the home is close to the upper limit of what you can afford, that might be a stretch, particularly if repairs must be made to make the home livable. Make sure you have a realistic sense of the cost of the repairs and how you'll budget for those in addition to the other costs associated with buying your home.

What's the home's resale potential?

Remember: When you're buying a home, you need to think like a seller. If you buy the property and make the repairs, will you be able to recoup enough of your investment at resale to make it worth it? If you're planning to stay in the house for a nice, long while, this might not matter as much, but buyers who are planning to sell within three to five years will want to consider this more carefully. And, of course, while we can project resale value based on current market conditions, we never know where things might be in five or 10 years.

The upside

When buying an as-is home, you are essentially making a trade-off: You will be saving some money on the purchase price in exchange for having to do some repairs. Some people see this as an adventure. Others would sooner eat dirt. Either way, doing a little homework is worth it. You just might find your dream home.

If you've seen an as-is property you're interested in or have other questions about buying a home, contact me anytime at (540) 793-0442 or rpayne@mkbrealtors.com. Be sure to like my page on Facebook.