Foreclosured Homes: A Great Deal? by Miriam Pia
| Throughout Atlanta, there are foreclosed homes. A big question for bargain hunters is: are these the dream come true they appear to be? The real answer is that in some cases they are, but in other cases they are not.
You have to make sure the paperwork is clean and clear on foreclosure homes. The next step, is to examine whether or not they need work done on them. If you are a “Mr. or Ms. Fix It” and you have a powerful budget that you are able to work with, then it may well be worth it. Here’s a simple example. You find a house that has been foreclosed that is going for dirt cheap at only $25,000. You have a look at it, and you can see that even if the neighborhood does not improve, that if you make the house perfect, it will be worth at least $60,000. The thing is, that it needs at least $15,000 in materials plus labor. Well, if you can afford all $50,000 inlcuding unexpected and predicted labor costs and don’t mind putting in the effort then it will be a good buy for you. If you can’t, or won’t invest that much into it, however, it would be a bad idea. When you decide whether or not to look into foreclosed homes, you need to put your budgetting hat on, and keep in mind the diversity of tasks that may well need doing and how to budget for all of them. Then it will be much easier for you to make a wise set of decisions based on your reality. If you are looking for Homes for sale in Ansley Park, visit us at atlanta-homes-guide.com a Atlanta homes real estate agent. |