Few residences in Québec are left vacant by the owner, but some can be found here and there across the province. Often an object of curiosity, their dilapidated facades usually conceal a rich and complex history.
For buyers, such properties may represent a golden real estate investment opportunity owing to their low price. With only a few renovations, or a complete rebuild, they can be transformed into very desirable homes.
Why Have They Been Abandoned?
The reasons why houses are deserted are as varied as their surroundings. Some of the most common factors include:
- A regional economic downturn may force families to relocate to a new city, such as when the local factory, the main employer, shuts down.
- Personal tragedies, like a death or bankruptcy, may equally spur the owners to move away to start fresh.
- In certain areas, rural depopulation leads to abandoned dwellings, as younger generations leave smaller communities to seek opportunity in the big cities.
- A homeowner may simply walk away from a property they can’t manage to sell because they’re no longer willing to maintain it.
- In other cases, it’s an untenanted secondary residence, like an isolated cottage.
- Sometimes, it’s mainly a question of money: the building requires major work which the owners can’t afford.
- Another reason may be that the owner is a senior losing their autonomy with no family to oversee the sale of their paid-off home.
In any event, a house is deemed abandoned when the owners have stopped maintaining it for several years and it’s no longer occupied. Visually, these buildings are in a total state of disrepair, from the basement to the attic, and the yard is overrun by weeds, with no indication of landscaping.
The Environmental and Social Impact
Neglected buildings can become a source of local environmental degradation as trash accumulates around the structure and construction materials begin to rot. Moreover, they may act as magnets for unlawful activities, potentially jeopardizing the safety of neighbouring communities. In big cities like Montréal, homeless persons sometimes shelter in them. To prevent all this from happening, the windows and doors are usually boarded up, rendering the property even more unappealing.
Solutions and Opportunities
Faced with this challenge, various initiatives have been implemented throughout Québec to revitalize regions affected by the phenomenon. Certain municipalities have decided to renovate and repurpose the buildings by converting, namely, old homes into community centres or affordable housing. Other projects aim to stimulate local economic development to create new employment opportunities and encourage residents to remain in rural areas.
Advantages and Disadvantages for the Buyer
Finding a buyer for a derelict property offers several benefits, especially for the municipality and the neighbours, who won’t have to put up with such an eyesore any longer.
For the buyers, the advantages are:
- The extremely low sales price
- An impressive return on investment following renovations
- Quick possession without conditions
However, there are also risks to consider:
- As no Declarations by the Seller document exist, the property’s history is a mystery (has there ever been a fire or flood? etc.).
- There is equally no maintenance record to consult (when were the windows last replaced? Has new wiring been installed since construction?).
- The sale is made without legal warranty and therefore at the buyer’s own risk.
- The house needs a lot of TLC to get back to its original condition.
How to Go About Purchasing an Abandoned Home
Are you ready to take the plunge? You should know that a list of abandoned homes in Québec doesn’t really exist. However, you can contact a RE/MAX real estate broker in your region to ask if there are any in your area. They’re the person most likely to have this information on hand after all. You could conduct your own search for low-priced properties as well (under $80,000, for example) to find neglected houses.
To conclude, abandoned homes are the result of a complex mix of historical, economic and social forces. And yet, despite their gloomy presence, they can represent a wonderful investment opportunity.