Carrollton is a great city. Listed fifteenth in Money magazine’s list of the “Best 100 Places to Live in America” and twelfth in Forbes magazine’s list of “America’s Best Places to Move,” this charming city may seem immune to tragedy. Unfortunately, it has felt the pinch of the economic downturn, just like every other city in America. But one man’s loss can be another man’s gain in the case of foreclosed homes. You may be able to get a great deal on Carrollton foreclosures, but buying a foreclosed home always comes with some risk. But knowing how to buy a foreclosed home can help to mitigate that risk.
Before you even start looking at Carrollton foreclosures, you should consider your budget. Foreclosed homes are certainly cheaper than traditionally purchased homes, but it’s still a home purchase, which is a transaction that involves a lot of money. You need to set a budget and resolve to stick to it, even though you may face the temptation to buy a larger home than you need just because it’s such a killer deal. And you should also factor in some money to make any necessary repairs to the home. Foreclosed homes generally don’t come in “move-in” condition.
You’ll definitely want to take a close look at the repairs needed on any Carrollton foreclosures before you consider buying them. There’s often more than meets the eye when it comes to the condition of a home, and the longer a home has been unoccupied, the worse the damage usually is. You’d really have to know what you were looking for in order to spot broken pipes and other structural damage. Your best bet is probably to hire a private inspector to look at the house and list all of the things you’d need to fix before the house was really livable.
And a house isn’t an island. You’ll also need to think about the neighborhood that these Carrollton foreclosures sit in. If you don’t like the neighborhood, it doesn’t really matter how great a deal you got on the house; you still won’t like living there. And if you don’t like living there, you might have a hard time finding someone who will like living there, should you decide to sell the house. Be especially mindful of what the neighborhood is like at night. If you don’t feel comfortable driving around at night, then you won’t feel comfortable sleeping there, either.