Are There Any Low Cost Houses Today?
With recent boom in real estate market, the prices for buying a house are through the roof. There are still many homes that stay out of reach for a number of entry level homebuyers or homeowners who are looking for affordable homes even though there’s downturn as well as present depreciation rates. Make sure that you keep on reading the tricks, trips and locations that could potentially help you to save big amount of money in the event that you’re in search for low cost houses.
Number 1. Search for short sales – as a matter of fact, short sales are only few steps away from foreclosure. In reality, short sale takes place when the lender and the homeowner has got to a situation where they’ve agreed to sell the house at lower price to settle the remaining balance on mortgage. There are a number of benefits that can be enjoyed in buying short sale houses such as less competition from homebuyers who are keeping their eyes on the foreclosure properties, highly motivated seller and reduced price. And because of the reason that the homeowner and lender are keen to sell, you are more likely able to get better deal on the price.
Number 2. Look for un-sellable – when you’re looking for properties in certain areas, then be sure that you search for houses that have been on the market for longer than 6 months. Not only the fact that these houses come with lower asking prices, the sellers at the same time are more motivated to sell the house and thus, they are likely to accept lower offers from buyers.
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You may possibly end up with less desirable home that requires serious renovation but for the value and price, you can find yourself in great area at only fraction of the cost. If you are about to buy a house that needs work and care, then make sure that it is thoroughly inspected before entering to any agreement.
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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. On the other hand, before you finalize your decision of relocating in exchange of lower living cost, make sure to look at the amenities available, public transportation, commute times, residential services, proximity to health care, school systems as well as quality of life.
To sum things up, finding low cost houses are possible 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.