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Distressed Property in New York - Is it a Positive Investment?

By Westchester County Home Inspector BY Anthony Cioppa

Home Inspector with Westchester Home Inspector Compass Home Inspectors

March 05, 2013 10:29 AM

There are many investments that are made in real estate in Westchester County, most which are expected to allow the price of the property to go up. If you have run into a property that is like this, you will want to decide if it is worth investing in.

Distressed property is one of the areas many home buyers overlook for a good deal.

If a property is distressed, it means that it has not had the care and attention needed by the previous owners. Most likely, the home is part of a foreclosure, abandoned home, or other problem and may have not been lived in for a specified amount of time. Some distressed property will need a lot of attention given to it if you decide to invest in the property. Other distressed property may just need some painting and simple renovations after buying your home to bring it up to date.

You can have your dream home if you look past the current condition of the home. You will most likely want to renovate in any home you are thinking of buying so why not a distressed home.

The importance of an experienced Westchester home inspector is necessary to determine what may be an issue prior to buying your home. Before looking at this type of property, you will want to make sure that it will be worth your investment. While a distressed property will usually go down thousands of dollars because of the quality, it may not be cheaper. It will be expected that you put a specific amount of work and money into the home in order to repair it and get it back up to being part of the market.

While a distressed property can benefit, it will need to fit your goals and your lifestyle in order to be an effective investment.

As long as you have assessed your financial stability and goals and are able to put in the extra money, time and work, you can take a distressed property and turn it into what you want. This will give the property the dream of moving from rags to riches.