Beazer Homes has announced that it is expanding its offerings with a new Pre-Owned Homes Division. Beazer is one of the ten largest homebuilders in the U.S. With this new division, the company will now acquire, improve, and rent recently built, previously owned homes within areas and regions where the company currently offers services.
To be included in the Pre-Owned Homes program, a home must have been built during or after 2004 by Beazer Homes or another builder that the company considers reputable. The home must then undergo repairs and improvements to bring it in line with the company’s specifications and standards.
“As a public homebuilder with significant financial resources, Beazer has the expertise to identify, acquire and improve this select group of previously-owned homes,” said Rich O’Connor, the Beazer executive who will lead the new Pre-Owned Homes division. “And by working with third party local property management companies, we will be creating a best-in-class rental experience for consumers.”
A good number of these pre-owned homes will come from foreclosures and short sales, which means Beazer will likely acquire many of them at a discount. By the end of 2011, Beazer hopes to have acquired and rented over 100 homes in the Phoenix, AZ area. Thereafter, it plans to expand to other regions within Beazer’s market.
The program will appeal to customers who want homes but may not be ready or willing to enter the home-buyer market, or those who may not qualify for mortgage financing. Because Beazer will own the home, customers will have a reliable service provider rather than an individual landlord, bank or investor.