Among the Charlottesville foreclosures for sale, there are quite a few fixer-uppers. Is a fixer upper for you?
This morning I showed a Charlottesville foreclosure to an investor client. This particular home is at least 100 years old and needs a lot of work. Since I love older homes, I really enjoyed walking through this one and imagining how it used to look. I particulary liked the yard where you could still see the structure of a garden. My client appreciated the character of this home and has the vision to end up with something unique. The main question is whether he has the time for the project.
Before you invest in one of these fixer-uppers it is important to understand exactly how much work will be necessary to bring the home to the condition that you envision. Before you take on the project make sure that you know how much money you will need to complete the renovations. If you are getting financing, a FHA 203K renovation loan may be a good choice. These loans allow you to roll the cost of the repairs into the mortgage.
If you decide that a fixer-upper is not the best choice for you, don't worry there are also Charlottesville foreclosed homes for sale that are in better shape, though not necessarily at as discounted a price.
If you are considering the purchase of a foreclosure or bank owned home, it is helpful to use the services of a Realtor who has experience helping buyers purchase a Charlottesville foreclosed home.