Should I buy a foreclosure or build a house?
Investing your income is always fruitful and especially if you safeguard your investment in buying a home for your family will give you countless happiness. There is a definite surplus credit is added every day to the property and gives mind satisfaction, even if you are in loan. Buying a homeownership is getting costlier than ever so if there is an option or alternative way which has some bargains will neglected by no one. Pros and cons are everywhere, here in case of buying a foreclosure has the same like traditional home buying custom.
Pros and Cons in buying new houses:
- Nowadays you can avail brand new houses with wide warranties including 1 year warranty during construction and 10 years warranty for repairs by some promoters and builders
- Low cost funding is possible and suggested by the builders for new home buyers
- Always buying a brand new home is like eating a full cupcake without sharing and satisfaction is bonus throughout lifetime
- Buying a home under construction or about to construct is easier for you to implement your ideas and vision into it.
- You will have to liquidate the equity to the loan donors and it’s fully meaningless, if you bought a property in an investment basis
- Based on proper assessment, anyone can avail loan and nowadays procedures are highly complicated so you will anyway need big money to buy a home
Pros and Cons of foreclosure houses:
- Prices are lesser than the actual price
- Since there’s a bargain, one can buy a desirable property with full of satisfaction
- Area wise listing and other sort of classifications are done at all resources, so it’s easy for you to choose based on your demand
- Bank auction properties have minimal legal issues
- Since auction houses are under the custody of banks, they will end up the auctions so fast and you can avail funding supports if in case
- Funding options are limited and restricted based on certain criteria
- Taxes and fees owed by the previous owner will be transferred to you immediately once after you purchased
- Banks have improper functioning in house maintenance. No warranty and guarantee to repairs, buyers are duly responsible for property’s physical issues
- Bank auction is quite lengthy process to both residential and commercial properties and there are certain procedures and terms to cover up. You will have some paper works to be done here. Few rights takes time to transfer
- There’s no more surety than you will always get low price and all properties are not lesser in value, few are higher
Purchasing a new home or foreclosed home is always a hectic process needs lots of homework and research to the prospective buyers. Thinking about disadvantages and risks are not needed when you get an expert support. Before you take an option to buy ownership, it’s better to fix an appointment with an Experienced Realtor. Before all these you should decide on buying based on several factors finance, location and family situations