instant equity: Home Buyers: Head vs. Heart
- 08/29/11 12:45 PM
Recently, I helped a young couple purchase a home. They told me they wanted a foreclosure so they could get the "instant equity" associated with a buying a distressed home. They said they were not afraid of doing some work, and gutting the place if needed. I showed them house after house, but couldn't find them anything they liked. After a little digging, I found out they had always lived in newer homes. But they had read that buying a fixer upper in an established neighborhood was the way to wealth. I realized that their head was telling them one thing, and their heart … (6 comments)
Recently, I helped a young couple purchase a home. They told me they wanted a foreclosure so they could get the "instant equity" associated with a buying a distressed home. They said they were not afraid of doing some work, and gutting the place if needed. I showed them house after house, but couldn't find them anything they liked. After a little digging, I found out they had always lived in newer homes. But they had read that buying a fixer upper in an established neighborhood was the way to wealth. I realized that their head was telling them one thing, and their heart … (6 comments)
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