The House Has Good Bones
“The House Has Good Bones.” This is often a phrase that I hear when working with buyers considering a foreclosure. It’s got good bones. Well that’s just great if your a dog shopping for a bone. Buying a home that is structurally sound is the single most important factor to consider when looking for a home to purchase that’s within your price range (of course).
But there is so much more to consider when you venture into the world of buying foreclosure homes. You may find a few that need little to no work depending on area and budget, but there are far more that will need some serious updating. So here are some things to consider:
- Will your financing allow you to purchase a home in need of serious updating and/or rehabbing?
- Do you have the time to manage such a project?
- More importantly do you have the experience to manage a project of this magnitude?
- Considering the time and money to be invested in the task of updating the home, would it make more sense to find a home that already has in place the things that you desire
- Will you be doing any of the work yourself?
- If not, do you know reliable contractors that do quality work AND stand behind it
There is more to buying some foreclosure properties outside of the “good deal” that you may believe that you’re getting. But when you factor in some of the above considerations, it may prove to be more than you bargained for.
Talk it out with your Realtor®. That’s what we’re here for…….. to help you put and keep things in perspective.
If you are considering buying a foreclosure property in the Birmingham Alabama area, give me call. I’m Charita Cadenhead. We’ll talk it out and make sense of it all. 205-321-1200.