There´s gold waiting to be mined in Durham foreclosure homes in historic North Carolina. In the university town of Durham, parents have an excellent opportunity to lower the accommodation costs of their student offspring. Room and board expenses at undergraduate colleges are an absurd and increasing portion of the annual fees. Investing in a foreclosed property such as one of the older Durham townhouses that feature in foreclosure listings is a financially sound alternative. Older townhouses in Durham are in stable areas, but will sell for substantially less than their newer counterparts.
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A typical townhouse has 2 or 3 bedrooms and 2 bathrooms, and sells for around $100,000 on the open market. Savings in North Carolina foreclosures have been excellent, expect to buy foreclosure houses at some 30% less than similar property in the open market. With 10% down payment and a 30 year prime mortgage, renting this excellent value property to 3 students at attractive rates, in a city where home prices are still appreciating, and parent investors will build equity and generate a positive cash flow.
Durham is just one of the three metro cities in the popular and fast growing North Carolina Triangle Region. Twice placed in the Forbes.com lists of the ten Best Places for Business and Careers, Durham is home to the well known and highly rated Duke University, with its magnificent Gothic architecture, forest park surroundings and its top ranked medical, law and business schools; and the North Carolina Central University, the second largest historically black university in the state, and one of the largest public law school facilities in the Southeast region of the US.
College housing markets tend to experience fewer highs and lows than the general home real estate markets. And if town houses don´t appeal as an attractive foreclosed home investment, then downtown lofts and condos are popular options. With its family friendly communities and abundant job opportunities in technology and research, the Triangle is experiencing dramatic population growth and so far housing is keeping pace.
New housing is not affordable for everyone, and the discounted prices of North Carolina Foreclosure Homes are a way for first home buyers to build equity, not only through smart buying but also by making additions and upgrades over time -"inner investment." A way to mine a little of that gold.
