Are you looking for a neighborhood that offers you good schools, close by shopping and multiple commuting options to DC and other points? Then you need to take a look at the affordable homes in the community of Lake Ridge in Prince William County.
Since many of the best values are in bank owned properties and the condition can vary, our team regularly tours foreclosure properties to determine condition and whether those properties should be on a short list for our investors, contractors or first time homebuyers. Yesterday the foreclosure tour of Lake Ridge included three detached homes. They ranged in condition from good to fair and prices ranged from $219,000 to $274,900.
The first home on the tour is a 3 level detached colonial with an unfinished basement. The home has good sized rooms on the lower level with an eat in kitchen, family room with fireplace, formal living room and dining room all on the first floor. The hardwood floors could stand to be refinished, someone could live with them as is for now. but the carpet in the living room and dining room needs to be replaced. With a large unfinished basement and priced at under $275,000 this home would be great for either a first time buyer who can put in a little sweat equity or an investor who would like to do a quick fix up and have a nice rental property.
The second home needs a good deal of work and would only be recommended for a contractor or someone who might want to consider an FHA 203K loan. All of the bathrooms need work, the carpet needs to be replaced, kitchen cabinets are original but for some reason they put expensive granite on them. They would be worth saving! The property sits on a pipestem and does have nice privacy in the backyard.
The last home on today's tour has been nicely updated. It is a split foyer with new hardwood floors, updated bathrooms and a big yard. Someone put some work into this home before it went to foreclosure. None of the kitchen appliances matched but that is not a big deal. The biggest visible concern with this home is that it sits on a busy street. For buyers with small children this might be an issue. However at a price of $219,000 this home seems to be a steal and certainly gives a buyer a lot of home and yard for the money.
As with any property you should have a home inspector look at the major systems in the home and the roof to determine whether the home is structural in good condition. Understand that when you are buying a foreclosure you are buying a home "as is." If you are looking for your first home or an investment property in Lake Ridge these three homes are just examples of what you can find for under $300,000.
If you are thinking of buying a new home or investment property give me a call. We can sit down for a cup of coffee and talk about buying a home in today's real estate market. No hassle, no pressure, just straight talk about buying real estate in today's market.
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