27 Jan Buy A Foreclosure For Your First Home
Many people are flocking to the foreclosure home market. In it, you are able to buy homes that are quite inexpensive, fix them up, and sell them for a profit or use them for yourself. There are a few good reasons that foreclosure houses are great for people that are looking for their first property.
The price is the big drawing feature of these homes. Be on the lookout for foreclosed homes in the area. You can save thousands of dollars by purchasing foreclosure houses instead of more traditional properties. There is a chance that you will find more than one home in your area that is discounted up to half of the actual market value.
In addition to the great price that you can get up front on foreclosure houses, they are also great investment properties. If you buy a foreclosed home as your first property, and pay it off in 15 or 30 years, you will have made quite the profit. When you go to resell the house you will be able to sell it for thousands more than what you paid for it initially. And all you have to do to take advantage of this profit is simply live in your house, and make the payments.
If you DO fall in love with a foreclosed property, it is very important to have a thorough home inspection. Test for chemical damage, inspect the roof, research the history of the property. There are many times when all of the information about a property is not fully disclosed, so be prepared for unexpected problems.
Don’t completely discount foreclosed homes just because they may be real fixer-uppers. If you make sure the home will suit your needs, who cares if its not the palace you envisioned? Your first home hardly ever is your last home. Chances are that if you are buying your first home that you have other things to purchase as well. This can really free up a lot of cash and let you buy more appliances and other things of that nature that you need.