Foreclosed Home vs Brand New Home

Saturday March 24, 2012

Why do the benefits of a new home far outweigh a foreclosed home? Read on to find out. . .

1.  Many foreclosures are sold “as is” with no inspection and no disclosure requirements that could require major hidden repair bills.

2.  Peace of mind. Brand new homes are under warranty and can be personalized with appliances, cabinets, countertops, carpets, floor coverings and other personal preferences to meet individual needs and tastes.

3.  Newly-built homes are highly energy-efficient, saving the buyer money and helping the environment.

4.  New homes come equipped with the latest home automation and wiring components that provide state-of-the-art hi-tech capabilities and home entertainment resources.

5.  Financing a new home is much easier than financing a foreclosed home. Many builders offer incentives to reduce closing costs, unlike banks that are seeking to get foreclosed homes off their books.

Buyers must calculate the true cost of purchasing a foreclosed home and getting it into move-in ready condition.

Estimate legal fees and repair costs based on price per square foot on foreclosed houses of various sizes and conditions in nearby areas. After you compute the final cost of what it will take to fix up that foreclosed home, compare that figure with brand new Lamar Smith Signature homes that are located nearby and sell in a similar price range.

As a buyer, you must discover all the hidden add-on costs involved in purchasing a foreclosed home and decide whether the initial cheaper sales price is actually a good value.

The true cost of a foreclosure home may give you sticker shock!

Have you considered the repair estimates on:

Appliances

Exterior Paint

Foundation

Interior Paint

Carpet/Flooring

Drywall

Cabinets

Countertops

Plumbing

Electrical

Windows

Termites

HVAC

Mold Removal

Roof

Interior Cleaning

Get legal fee estimates on:

Is home currently occupied? What about possible eviction fees?

Does home have clear title?

Does home have any outstanding liens?

Once you have checked into and collected estimates for any repairs or legal fees that would be required to get the home into the same condition as our new homes or at least into the condition that you would accept as “move-in ready,” then compare to the cost of buying or building a brand new home at Lamar Smith Signature Homes. We think you may be surprised at the money you’d save and the home you’d have without all of the headaches of a foreclosed home.

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