Vacant properties can be depressing reminders of the economic struggles some Minneapolis residents face when they cannot afford their residences. Whether through liens or foreclosures, abandonment or other causes, vacant properties can fall into disrepair and leave neighbors wondering if anyone will ever fix the issues that plague once-vibrant homes. In Minneapolis, a program is helping remedy the vacant property problem that is rampant through the area.
The Vacant Housing Recycling Program identifies homes and lots that have been left behind due to taxes owed. It makes those homes and properties available for purchase and allows new owners to renovate or construct new structures on the land. The new owners can then sell the properties at market rate, which helps revitalize struggling neighborhoods throughout the area.
A new owner recently sold a renovated home for nearly $300,000 after paying only around $50,000 for it through the program. The program not only makes new homes available on the competitive Minneapolis housing market, but also allows investors to find opportunities for projects within the city.
Buying a new home can be a stressful process, whether the property is new construction or the renovation of an existing property. Residential properties available through the Vacant Housing Recycling Program may not initially be a home buyer’s first choice for a new residence, but the potential these properties offer is compelling. Those who would like to learn more about the aspects of the home purchase process in the Minneapolis area can get more information about their legal rights and obligations under real estate law.
Source: CBS Minnesota, “Housing Recycling Program Turns Old Homes Into Hot Property,” Kate Raddaz, Feb. 19, 2016