In this week’s Mortgage Minutes, Travis Evans with Academy Mortgage discusses the advantages of buying a new construction home instead of a foreclosure. During the economic downturn, foreclosures were a big ticket item because buyers felt they were getting the best deal. But now, with the Atlanta real estate market improving, foreclosures have declined.
While you can purchase a foreclosed home that is below market value, you have to consider the full cost that will go into the home. For example, does the foreclosed home have appliances? Does the home offer a warranty? Is the roof in good shape or will it need to be repaired or replaced? Buying a foreclosed home usually means you have to have additional money set aside after the purchase to put into the home for a new paint job, repairs, upgrades and more.
There are many benefits in buying a new construction home in a new community. When you purchase a new home, you get to pick the paint colors, the type of appliances and many other customized options that you would not have if you purchased a resale, short sale or foreclosed home. When you decide to purchase a new construction home, you know that once the home is completed, you won’t have to make repairs or upgrades. You also have the benefit of knowing that your home consists of the newest technology in construction and energy efficiency, meaning the monthly cost to won the home is even lower.
When considering your mortgage options, it’s important to note that you can put the same down payment on a new construction home as you would for a foreclosed home. For more information on the mortgage options that are available to Atlanta home buyers, whether it is a new construction home or a foreclosure, contact Academy Mortgage at 404-713-8862 or visit www.AcademyMortgage.com.
Equal Housing Lender. (c)2013 Academy Mortgage License #3113. GA Lic. # 20505. This is not a commitment to lend. Academy Mortgage Atlanta: 5565 Glenridge Connector, Suite 400. Atlanta, GA 30342. Georgia Residential Mortgage Licensee.