If you love a good bargain with a high chance to earn some profit, you may be wondering whether to buy a lot for sale near you, or a foreclosed house in New Jersey. Which will be the best bet for your money? It depends on a lot of different factors. Keep reading for expert opinions from real estate agents in Andover!
Buying a Foreclosed Home
A foreclosed home can come with deep cost savings, but higher costs needed to make it sellable. The condition can vary greatly! For example, some foreclosed homes may need only cosmetic repairs, such as replacing carpet, painting walls, and tidying up a yard full of blight. Others may require major work, especially if there has been negligence. Water damage, mold, and collapsing structures can cause your fix ‘n flip budget to skyrocket! In some cases, you may plan to demolish the old structure entirely and start from new, which can require a lot of time for permitting and construction.
Investing in a Lot for Sale
Is a vacant lot a better choice? Again, it varies greatly. Make sure to talk with your real estate agent in Andover top find out how developed the land you are interested is going to be, because again, this can lead to high costs! Building a home from the ground up is a pricey project anyway, but if you have to go beyond this construction and accommodate installation of sewer systems, gas lines, or other municipal hookups, you could be preparing for a huge project. On the other hand, you may be interested in purchasing the lot to sell to developers for a housing complex or commercial project. Make sure your plot of land meets your needs.
How do you decide which task is best for you? Start by thinking of your end goal, what you want to do with the property. Then, call the best real estate agent in NJ for advice and property availability. They want to help you meet your home purchase goals, so make sure to share the details!