As we have all witnessed, housing prices have dropped over 40% just in this year. There is a surplus of homes for sale and Foreclosure's on the market right now, which puts "you" in a negotiating position. As the economy nears its bottom, now is the time to buy. Whether you are buying a For closed property for your own personal residence or investment purposes - you will not receive a better deal than in today's economy. It may take 2 years for equities to rise again, but there are plenty of renters who will pay your mortgage as your investment slowly rises. It is, with out doubt, a buyers market.
Overwhelming is not the word when looking at For closed homes. They may be run down, deteriorating, overgrown and in pretty bad condition. They are typically not appealing to the eye. However, the average cost to bring a foreclosure to rental ready condition can be between $10,000 and $50,000. Keep in mind, if you are lucky enough to find one that isn't run down, you will be paying more for the purchase price. Many times when coming across properties such as these, there will be code violations that the city requires to be fixed before anyone can move in. When you are looking to buy a foreclosure you will find illegal room additions, non-permitted renovations and general maintenance issues like leaky plumbing, electrical repairs, paint damage, carpet and flooring damage and roofing neglect.
As long as you find a Certified, licensed and insured General Contractor to help you with these issues and educate yourself first - you can renovate your newly purchased For closed home with ease. Always discuss budget and project goals with your Contractor. Most contractors offer free consultations and free estimates, as does Kennedy's Quality Homes, Inc. Open communication is the key when remodeling a home. Sometimes when dealing with large companies you do not get the pleasure of meeting the General Contractor, only his workers. Find a company that is moderate in size and specializes in Home Remodeling. Please know that hiring an "unlicensed" contractor will turn your project into a nightmare. Do not hire a handyman service to tend to your needs, more often than not they will offer you a great price but will make a bigger mess out of your project and you will eventually spend more to get it all straightened out. Use a professional, someone who specializes in this industry and get it right the first time.
Buying a foreclosure and remodeling it can make your home ready to rent. Or it will make a great inheritance for your grandchildren (Hint...Hint....to the grandparents of my children) :) This will allow you to generate rental income as property values rebuild over the next few years. Now is the time to invest in cheap real estate - you will get the return on your money.
Remember to plan first. Speak and present your goals / plans to a Contractor. It is the Contractor's objective to provide you with a successful and on target outcome. It is your referral that will help make that Contractor successful, therefore most Contractors aim to please. Remember to refer your Contractor if you are happy with his/her work - he/she will appreciate it and in turn be there for your on your next endeavour.
Cheap Real Estate is now!