Buyers today have an inventory of new and used homes that is truly expansive, offering great selection and myriad choices to home shoppers. One option buyers can consider is “distressed” housing, which, as the name suggests, consists of properties brought to market by the financial distress of the previous owner. Foreclosures and short sales, with their ultra-low prices, can seem like a great deal. However, price and value do not always equate, and these distressed properties can be distressing indeed—often hiding behind quick cosmetic fixes the reality of a home with functional and structural issues.
Think about it this way: when you dream of owning your own home, do you dream about spending months dealing with contractors, who rip apart your walls in an effort to modernize the structure? Do you dream of living with tarps and dust? Are you longing to fill your time reviewing bids, contacting carpenters, and haggling out details with the workers who show up to the job? How about weeks without a kitchen as the antiquated plumbing is re-done? Cold showers, anyone?
Unlike a brand new home—which has been built to current code, with the most modern materials, and has no wear and tear—a distressed home may be twenty, forty or sixty years old, and showing its age. Electrical systems may be outdated, previous owners may have taken shortcuts on a remodel, the roof may need to be replaced, or the foundation may have cracks. Even if the home has been relatively well-maintained, there may be issues in the walls of which the owner was unaware, such as mold, rotting, or insect damage. Your term as the home’s owner may be plagued from beginning to end with repairs, expenses and frustration.
More likely, your dream of homeownership is a little more serene. It probably plays out like this: turning the key in the door, and stepping into a light, bright and clean home that has brand-new electrical, plumbing and HVAC systems, as well as mint appliances. The paint on the walls is perfect, the carpets are brand-new—and you don’t have to think twice about problems lurking in the walls, because the home has been built only recently by a homebuilder awarded for the consistent quality of their materials and workmanship. Instead of dealing with the frustrations of repairs, remodels and renovations, you can focus instead on furnishing and decorating a home that is truly safe and sound.
Here at LGI Homes, we may be biased, but we believe that homebuyers are served best by finding true value in one of our new home communities. Our owners are never bogged down by the threat of unknown issues, and they have the time and freedom to enjoy their new home, instead of worrying about what problem will pop up next. In every one of our affordable communities, individuals and families are buying homes and living a dream of homeownership that is free from anxiety, stress and worry. That, we think, is priceless.