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Distress Homes Tips
USINFO | 2013-12-23 15:06
There are many distress homes that emphasize the direct reference to homes or houses that are falling down, or need extensive repair or rebuilding needs. This can be a dangerous proposition for a homebuyer or property buyer in this regard. Some homes are so far gone that they cannot be saved and must be demolished for fear of someone hurting themselves or even worse, being condemned. A lot of houses just need some tender loving care and a little rehabilitation so that they can be lived in or used as apartments. This just takes time, and financial resources that others may have to save the house from destruction.
Most people would look at these stressed homes as a investment in real estate. Distress homes are a booming market for the financially savvy. This is fine if you have the means and the ways to refurbish old and dilapidated houses, but costly if you do not have such means. This can be a situation straight out of a horror story or it can also be termed at a white elephant. The term white elephant means that it is costly and expensive to maintain. This is not ideal.
Many of the distress homes are usually buildings such as mill houses when the mills have gone out of business, the same individuals that once took care of these things are no longer in business, then it is up to the individual homeowner to keep it up. This can be good or bad. Some live in these houses with only a retirement pension to keep their home in working order. Sometimes this just isn’t enough to keep all the repairs. Then these people will have to sell their home at a loss and move somewhere else.
With the amount of old houses that are out there at any given place in the world, there is bound to be someone that wants that property, including any house that is distressed. Distress homes are unfortunately a part of our lives and landscape in this day and age. This cannot be avoided in any way.
The state of the distress house is often the determining factor in whether or not it can be sold, renovated or torn down and something different placed on the property. Distress homes can be profitable or it can be a financial ruin. When a house is too far gone to save then razing it and then building another house where the former distress house once stood is the only answer.
Sometimes distress houses can also mean one that has gone through an earthquake, fire or flood. Sometimes these can be rebuilt, but other times they have to be leveled and then something else built there. This isn’t always the case. Sometimes someone else with more financial means can save a house when someone else can’t and resell it for a profit. There are many such individuals that do so when the owners cannot make the repairs. They usually resell the property after it has been redone for a profit.
Most people would look at these stressed homes as a investment in real estate. Distress homes are a booming market for the financially savvy. This is fine if you have the means and the ways to refurbish old and dilapidated houses, but costly if you do not have such means. This can be a situation straight out of a horror story or it can also be termed at a white elephant. The term white elephant means that it is costly and expensive to maintain. This is not ideal.
Many of the distress homes are usually buildings such as mill houses when the mills have gone out of business, the same individuals that once took care of these things are no longer in business, then it is up to the individual homeowner to keep it up. This can be good or bad. Some live in these houses with only a retirement pension to keep their home in working order. Sometimes this just isn’t enough to keep all the repairs. Then these people will have to sell their home at a loss and move somewhere else.
With the amount of old houses that are out there at any given place in the world, there is bound to be someone that wants that property, including any house that is distressed. Distress homes are unfortunately a part of our lives and landscape in this day and age. This cannot be avoided in any way.
The state of the distress house is often the determining factor in whether or not it can be sold, renovated or torn down and something different placed on the property. Distress homes can be profitable or it can be a financial ruin. When a house is too far gone to save then razing it and then building another house where the former distress house once stood is the only answer.
Sometimes distress houses can also mean one that has gone through an earthquake, fire or flood. Sometimes these can be rebuilt, but other times they have to be leveled and then something else built there. This isn’t always the case. Sometimes someone else with more financial means can save a house when someone else can’t and resell it for a profit. There are many such individuals that do so when the owners cannot make the repairs. They usually resell the property after it has been redone for a profit.
