Foreclosed homes are major competition for new homes . . .  or are they? Be careful that the great “deal” you find in the foreclosure market doesn’t end up being a “money pit”. Below are some things to consider before making your decision. It will be worth your while to do the research.

1. Warranty. New homes come with a warranty. The purchase of an Elliott Home includes a comprehensive, self-administered warranty program. Foreclosures are sold as is, so make sure you have a thorough inspection and know what you are buying.
2. Maintenance. Your Elliott Home is built to last, and inspected at various points throughout the warranty. On a foreclosed home, if the previous owners could not keep up with their mortgage payment, it is likely that they skipped even simple maintenance, which can be costly in the long run. Make sure to check all systems: heating and cooling, plumbing, etc. before you purchase
3. Cleanliness. Your Elliott Home is brand new and spotless upon move-in. On a foreclosure, it is likely that the previous owners moved out without a thought to how the home looked or smelled.
4. Homeowners Association fees. Many Elliott homes are in master-planned communities. Homeowners Association dues, if any, are quite low. That may not be true of a foreclosed home. If the foreclosure is located in a new home neighborhood, find out how the HOA is funded. If you are one of just several homes completed in a large subdivision and the amenities are in place, you and your neighbors may be responsible for the pool, insurance, electricity and common areas.
5. Time. Elliott Homes sales representatives will assist you at every point in the sales and financing process. You will know quickly whether your offer was accepted and be on your way to living in your new home. Finding and purchasing a foreclosure, on the other hand, is often a time-consuming and frustrating process.  And you may have to go through the process several times to be the successful bidder.

These are just a few comparisons of buying a new Elliott home or a foreclosure. Which is the better value? You decide.