Buy New - The pitfalls of buying a Foreclosure.......
Maybe you have seen this ad recently?
That's the latest ad campaign from many National Home Builders. While the Home Builders are using this campaign tactic to drum up new home sales, there are some valid points that any prospective home-buyer should consider when performing a home search. Now to take a neutral stance, there are some great Foreclosure Deals out there if you have a good grasp for this process or a very saavy agent, and quick reaction.
I believe the dilemma is less of an issue if your area lacks an over supply of homes and not burdened with excess Foreclosures. For instance, here in Viera, Fl, the lack of existing Foreclosures/existing homes has sparked a mini New Construction Housing Boom on the West side of I-95.
BELOW-VIERA BUILDERS IS DOMINATING THE HOME BUILDING SCENE WITH COMMUNITIES SUCH AS DAINTREE, CHELFORD, CHELFORD LAKES, Stoneridge Townhomes, EASON LANDING AND......... FAIRWAY LAKES
So, Lets take a look at some Pros and Cons.....
The Benefits of Building New:
*Energy Efficiency- Many benefits such as Higher Efficient Cooling systems, Insulation, Tank-less Water Heaters & Windows are just a few items that can save a home owner hundreds and maybe even thousands of dollars per year in energy savings
*Home-Site Selection - In a developing community, based on availability pick the home-site that you want
*Customized Selections- Options such as Tile or Wood Floors, Granite Counters, Cabinets, Swimming Pool and Many Color Choices are left up to you! Having this type of power gives the home buyer the power to create their own home!
*Home Warranty-Having the peace of mind of moving in to your home and having the builder there if something is not working properly, most National and Reputable Local Builders offer a minimum 1 Year "Bumper to Bumper" coverage and then the 10 Year Limited Structural Warranty
Cons of building new?
*Time to build and having to make lots of decisions being involved in the building process. This might not be the case with some production builders who deliver quick move-in homes, most or all of the home has been pre-selected and completed.
Benefits of Purchasing a Foreclosure?
*Huge price discount, Not in every case, but a foreclosure usually bring a lower than market price
Cons of Purchasing a Foreclosure:
*Lack of Choice, what you see is what you get -AS-IS
*Lack of Interior Items, depending on the property, some foreclosure homes are missing many interior items such as appliances, cabinets
*Lack of Maintenance, many homes sit for months without upkeep, landscapes overgrown and under maintained
*Bidding Process -sometimes does not go in your favor, these homes can sometimes spark a bidding war with other buyers including investors
*No Warranty- No Builder to call if something goes wrong, though you can purchase an after market home warranty, it will not give you the same coverage as a builder warranty.
The Uncertainty part purchasing a Foreclosure is probably the single most concern, however if the home is exactly what your looking for and well within your budget, a Bank Owned Home can be a great choice so long as you understand what you are dealing with.
Whether your looking to buy a Foreclosure or Build New, Having an Experienced Agent will provide you the Upper Hand in the Home Buying Process.
If your in the hunt for a NEW or Existing Home and Want to have 5 Star Service and TOP NOTCH FULL Buyer Representation, to have someone looking out for your best Interest throughout the ENTIRE TRANSACTION, CALL or EMAIL STEVE TODAY!
If you would like to browse Homes for Sale on the Brevard MLS FOR FREE! Be My Guest! Click This Link FREE MLS SEARCH
Have a Great Day!
Steve Vitani
Viera Luxury Home Expert
Realtor
the information above is believed to be reliable but not warranted or guaranteed. Suggestions, advice and information is general and not based on knowledge of your specific circumstances. Any information offered should not be assumed as being financial or legal advice. Consult with a professional to verify any information and basing your decision on such.
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