The “Real Costs” of Buying a Foreclosure
The extra costs that come with buying an older home can add up fast. Not to mention the monthly savings that come with owning a new home.
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If you’re in the market for a home you have lots of choices. The home above is a typical home for sale in the San Fernando Valley. At $375,000 it offers 3 bedrooms, 2 baths in approximately 1,350 square feet. The home is about 40 years old, and like most older homes it comes with its share of problems: the roof and plumbing are aging, the rooms are small, it has cottage cheese ceilings, it needs an upgrade to the kitchen and stainless steel appliances, landscaping, and it isn’t very energy efficient. That means you’ll spend more every year living in it. And, it most likely doesn’t include specifications found in today’s new homes. It’s pretty typical of most Valley homes in that price range.
Or you can wait for a foreclosure, but since they’re sold as is, you better really know your stuff, be a builder, or have the deep pockets to fix any number of things that may happen with a house that was abandoned by someone else.
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You do have another choice: to buy a brand new Montage home.
This information is only for Laurel Village, which just sold out. If you're looking for a new home, check out River Road Village.For almost the same price, you can purchase a 4 or 5 bedroom home at Laurel Village. The home is in a gated neighborhood with a community pool. Every home comes with the Montage Advantage: a fully landscaped front and rear yard, new appliances including a stainless steel refrigerator and washer & dryer, as well as new window coverings throughout. Laurel Village homes also offer financial incentives that cover your closing costs and your property taxes through June 2009*.
And did we mention our home warranty? It’s called a 2-10 warranty, probably the best in the industry, covering roofing, cabinets, countertops, tile, drywall, floors, siding, toilets, sinks, for one year, mechanical, electrical, and plumbing systems for two years, and structural defects related to roof framing, load bearing walls, beams, floor framing, and foundations for ten years. That’s value you simply won’t find in an existing home.
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* To qualify, you must use our preferred lender, Bank of America Home Loans. Buyer directed charges such as earthquake insurance and lender discount points not included.
