There have been so many foreclosures on the market in the past few years. They seem to be unbelievable deals, which the banks just want to unload. Interest rates are lower than just a few years ago. Foreclosures CAN be bargains, but not always. Many factors come into play. Some foreclosures have been trashed, to put it nicely. There can be many problems in the home, which the buyer may not discover until moving day or later. A home inspector is an incredible asset when buying an existing home! If you plan to remodel or renovate the foreclosure, you add even more cost to the project. The flooring, wall finishes, bathrooms, cabinetry, & counters may need to be replaced or updated.
New, custom homes can be more of a bargain than foreclosures, if one considers that the newly-built home needs no repairs and probably is more energy-efficient. All of the materials will be new, the insulation and windows, as well as the heating and air systems, electrical, and plumbing systems. No extra money will be spent painting the walls the colors you want nor changing the interior finishes to your style. The list goes on!
- Putting WaterSense faucets & fixtures in your new home will save you money on your water bill.
- Many new light fixtures use less energy than traditional lighting, but the appearance is the same.
- Tank-less water heaters only heat water when you are ready to use it, saving the cost of keeping water heated all of the time.
- Low-E glass windows save you money on your heating and cooling bills.
- Renewable energy sources are options which will lower your monthly expenses too!
Just some things to consider…