Although finding the best housing deal is not as complicated as getting cash deals for mobile homes, it is still a quite hard thing to do that usually requires a lot of time, money, and effort. After all, it is not something that you can after a week, because you don’t like it anymore. However, what if we told you that it doesn’t have to be this way?
If you are in pursuit of the best house-hunting strategy, you came to the right place. Finding a cheap home for your whole family to live in does not have to be torture. With only a handful of useful tips, you can significantly increase your chances of finding the home of your dreams. Here is some advice that can serve as a starting point in your venture.
First of all, the sooner you start looking, the more likely you will be to find a cheap home in the area you desire. More often than not, home prices are on the rise, meaning that if you don’t pay close attention, you may miss the decrease period that will inevitably come.
If there is no housing inventory for sale in your price range, you can always search for foreclosures and foreclosed properties. However, these homes tend to be in poor condition.
Get All Your Finances in Order
Before you start looking for a cheap home, you need to make sure you have all your sources of income accounted for and can manage a mortgage down payment – although there’s no rule saying that you need to put down more than 20%, it will increase your chances of being approved at a decent rate, as well as avoid mortgage insurance.
If you do not have enough cash on hand, you may have to borrow some money. While this option is not the best, it can still be a viable way to get into your dream home. It’s crucial though that you can afford the monthly payments – both for the mortgage and the money you borrowed.
Check For Foreclosures
One of the ways to find cheap property in your area is to buy a foreclosure. Foreclosed properties are available for purchase by anyone who has the right amount of money at hand. Properties that have been bought by private investors are usually sold without any reserve price. As such, they can be purchased for a small portion of their market value. However, these opportunities are not available forever, so if you want to buy a foreclosure property, you should start searching for them as soon as possible (which brings us back to our first point).
Focus On Your Personal Needs
Looking for cheap properties is not only about buying something that is as cheap as possible – it is also about buying something that suits your needs perfectly. If you start looking for a cheap home without having an idea of what you want to do with it, it will probably end up being unpleasant for you eventually. It is very likely that you will end up living somewhere that does not meet your expectations and needs at all.
If you want to keep your home as a rental property or want to eventually turn it into an investment property, then search for the cheapest house while still keeping in mind your personal preferences.
Look Beyond the City
The truth is that one of the best ways to find a cheap property is by looking outside the city – don’t focus on the city center. Quite the contrary – look at the rural areas. And no, we are not talking about a property in the middle of the forest somewhere deep within the mountains (unless that’s what you’re interested in, of course).
There are plenty of low-priced communities located only within an hour or two from major cities. Remember this – the further you are from a major metropolitan area, the higher your chances are of finding a nice house for cheap.
Similarly, if you want to buy a property at a lower price, you should stay away from the US coasts, as houses located within the East and West coasts tend to be way more expensive than those in the Midwest or South.
Don’t Hesitate to Negotiate
Trust us – there’s nothing wrong with trying to bargain a lower price. Actually, it is a great opportunity to purchase a property that was slightly out of your budget before the negotiation. Even though it definitely works better when there’s not much competition, there’s no harm in trying.
Hire a Real Estate Agent to Help You
These days, there are many real estate agents willing to help you get the house of your dreams – including the negotiation with the selling party. Having a professional take care of it, will allow you to get the best deal, as they will do a profound research about the seller, looking for things that they can use to get them to lower the price.
However, keep in mind that you should pick a real estate agent at random. As a matter of fact, you should always consider the reputation of the company they work in and previous clients’ experiences. Furthermore, it is good to look for real estate agents that double as lawyers – they’ll be able to help you with things such as due diligence and checking the title of the house, just to name a few.
Let’s be honest – looking for the perfect house to buy can be quite challenging, especially if you have quite a low budget. However, just because it might be hard, it doesn’t mean that it has to be! Finding a cheap house without going grey is achievable – you just need to know what to do.
We hope that after reading this article, you have a better understanding of what it takes to find a house with a low price tag.
The important thing you should remember is to not give up until you find your dream home – it might not be the first, second or even tenth one you see, but sooner or later you will find one that is not only in your price range, but also meets all your personal needs. Good luck.