There are several reasons why a home ends up as an abandoned property, including the passing away of the previous owners, bankruptcy, or foreclosed property, among other factors. Regardless of the cause, these abandoned homes offer a great opportunity for seniors seeking affordable housing or potential investment options. That said, it is also essential to know a few things about these abandoned properties and carefully consider all factors of ownership before purchasing one.

Benefits of buying abandoned houses for seniors

Low price
It is no secret that the rising property rates are making homeownership a dream for many. For seniors, purchasing a new home can be particularly challenging, as their primary sources of income often come from pensions and retirement accounts. In such cases, buying an abandoned home can be a viable option because these properties are typically priced much lower than regular homes. Furthermore, foreclosed abandoned homes can be even more affordable, as banks and financial institutions are eager to sell them in order to recover their losses.

Opportunity for customization
In most cases, abandoned properties are typically in poor condition and require extensive repairs. However, this can be an excellent opportunity for senior home buyers to customize the house to meet their requirements. Those looking to build a home of their dreams might particularly love the prospect of adding their designs and elements to their new house.

Investment option
Abandoned homes can be the perfect choice for fixer-uppers. These are basically properties that need a lot of repairs and, thus, are sold at a very low price. The new owners then get the required fixes, improve the condition and value of the houses, and then sell them again for a huge profit. So, seniors who are looking for new investment opportunities in real estate and are willing to put in the effort can consider buying abandoned homes.

Vast choices in location
Standard properties in urban, popular locations can cost a fortune since such locations are quite a desirable amenity. Buying a home in neighborhoods without proper facilities, such as community parks, wellness centers, convenience stores, etc., is not ideal for seniors. Since abandoned houses cost less, opting for them instead of standard properties provides seniors a chance to buy a home at a better location with the desired infrastructure. Also, seniors who do not wish to move to a different city can get affordable options in the form of abandoned and empty homes near them.

Lack of competition
Unlike standard properties, few people are ready to buy abandoned dwellings. This lack of competition can greatly benefit seniors, as they will not have to face as many challenges in securing the property.

Things to consider when buying abandoned houses for seniors

The repair costs
Abandoned houses that have been neglected for an extended period may suffer significant damage. This situation can include water damage, mold, formation of wall cracks, and plumbing issues, among others. So, before investing in such a property, seniors should be aware that they might have to invest a significant amount in repairs. A thorough inspection might even be required to determine the extent of necessary fixes, which can involve structural fixes (such as walls, roofs, foundations, etc.), plumbing repairs, and utility repairs (including electricity, gas, and sewage systems) , among others .

In addition to financial investment, seniors will need to invest a lot of time and patience, as it may take a while before the house is ready for occupancy. Moreover, coordinating these repairs will require considerable effort, particularly finding a reputable renovation company.

Finding the owner
Sometimes, when buying an abandoned house, a big challenge one faces is finding its legal owner . One may have to do a title search, check public records, or even contact local authorities to trace the rightful owner. This process can be time-consuming and sometimes complicated, too. Not to mention, the owner may not even be easy to contact in some cases. Fortunately, this is not the case for foreclosed abandoned properties, as banks or financial institutions directly own these houses.

The availability (or rather, the unavailability) of senior-friendly features
For seniors, buying a house with senior-friendly features is sometimes a necessity and almost always important. These features can include walk-in bathtubs or showers, railings along the hallways and stairs, and wheelchair-accessible gates, among other specifications. If the abandoned house one is considering buying does not have these accessible features, the seniors would need to put in extra money to get those in place, which is an added expense.

Prices of abandoned homes in 2025
There are quite a few factors that affect the prices of abandoned houses. These include the location of the property , its condition, its square footage, and the number of bedrooms it has. In the Midwest, for instance, one can get a 3-bedroom house with around 1,200 square feet of area for around $80,000. Likewise, even in the Southeast, one can get a house with 1,600 to 2,000 square feet of area and 3 bedrooms for around the same price ($80,000 to $90,000).

Apart from this, the price of a vacant and abandoned property may also depend on whether it is being sold by a financial institution or an independent owner.