Are There Any Low Cost Houses Today?
Because of the recent boom in the real estate market, the cost of buying a house have gone through the roof. Even though there’s downturn as well as present depreciation rates, there are still lots of homes that stay out of reach for most entry level homebuyers or homeowners who are looking for affordable homes. Say for example that you are searching for low cost houses, then be sure that you keep reading the tricks, trips and locations that may help you to save big sum of money.
Number 1. Search for short sales – short sales are basically a step away from foreclosures. Essentially, short sales are when the homeowner and lender got into a situation where they agree to sell the house at a lower price in order to settle the remaining balance on mortgage. Whether you believe it or not, there are many benefits that could be enjoyed by opting to go for short sale homes like less competition from homebuyers who are keeping their eyes on the foreclosure properties, highly motivated seller and reduced price. You can negotiate a good deal on the price since both the homeowner and lender are keen to sell.
Number 2. Look for un-sellable – when you are searching for properties in a certain area, make sure to search for houses that have been on the market for greater than 6 months. Not just that these houses have lower asking prices but at the same time, the sellers are more motivated to sell the house and thus, is more likely to accept lower offer from buyers.
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You might potentially end up with a less desirable home that is requiring serious renovation but for the value and price, you may find yourself in great area at just fraction of the price. When buying a house that is in need of some work and care, then have it inspected thoroughly before you get to a transaction.
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Number 3. Relocate – if your career or employment gives you the freedom to live in outside high priced urban centers, then you could find real estate offered at lower prices. Before deciding to relocate in exchange for a lower cost of living, you must think first of the amenities available, public transportation, commute times, residential services, proximity to health care, school systems as well as quality of life.
In other words, whether it means buying a house that does not come with top features, relocating to rural area or cheaper city or keeping an eye for foreclosures and short sales, there is a high probability that you can find low cost houses.