Improvement of a Foreclosed House Essay

739 Words 3 Pages
The housing market in many parts of the United States is exceedingly distressed. The foreclosure rate in these areas is the highest it’s been in decades. The area I live in may be the worst example of this. The South Florida real estate market was one of the hardest hit areas of the country during the recent depression. If given 150,000 dollars I could turn a good profit for myself and the community.
My college education in civil engineering and my experience in the construction industry give me a distinct advantage over the typical buyer. Many buyers look for luxury options that are in some cases very easy to achieve with little investment. The property I purchase would not need to have crown molding, wood floors or a new kitchen.
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When buying a townhouse I would look for maximum size and proximity to the ocean, probably in the City of Aventura just north of Downtown Miami. I would search for a foreclosure or shortsale property in an upscale neighborhood that has been neglected and needs cosmetic improvements. After purchasing the property I would renovate the kitchen and bathrooms. High quality discount priced materials can often be found through websites such as Craigslist or at stores such as the Habitat for Humanity Restore to keep costs to a minimum. The renovations would be completed with energy efficiency and sustainability in mind. Items such as draught tolerant landscaping, and energy efficient appliances, help reduce energy costs.
After purchasing the property and making the mentioned improvements, I would be left with a home to live in while I complete my education. I would be able to rent out the second bedroom to cover the monthly association fees and utility bills. Living close to the beach would allow me to spend more time surfing and scuba diving. When I finally graduate if I ended up in a different area of the country I would keep the townhouse and rent it out either by the week to tourists or as a long term rental. This would give me revenue to cover the association fees and any necessary maintenance, while allowing me to keep a residence in South Florida in case I decided to move…

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