Distressed Property or New Construction?

I recently started working with a new buyer. She is single, and wanted to look at a short sale since it was in her price range. We viewed the property, and discovered that it would need lots of work to get it into proper condition. By the time that she paid for the house, the new carpet, and all of the other cosmetic repairs that it would need, she would have paid more than purchasing a brand new home. After checking into the deal from the builder, she decided that new construction was the way for her to go. Low maintenance, nothing to repair, and she would have a warranty from the builder.

In your search for a low-priced home, you may want to consider the cost of repairs versus purchasing a new home, or a completely renovated home with warranties on the mechanicals. You just may end up saving more money in the long run. If you are handy, you may want to go ahead and purchase the existing home. If you are not, it may cost more to hire someone to do all of the work than to purchase that brand new home and move right in when it is finished.