If you plan to buy a house, but you're hard-pressed for cash, finding an inexpensive one might be your top priority. Even though most cheap homes require many renovations to make them habitable, you might be lucky to find an affordable home that only requires a few renovations to make it more attractive.
Besides, you won't require a huge deposit and a long repayment period if you decide to seek funding. However, with the increasing competition in the real estate industry, finding a house that fits your budget might be challenging. Therefore, you need the following tips to enable you to find a decent house that you can buy without the need of applying for a mortgage.
Compare Different Houses
Comparing different houses will enable you to know how much the cheapest houses go for in your preferred neighborhood. Besides, you will be able to sort out the houses depending on their condition. One of the ways to find out the condition and location of cheap houses around the country is by attending open houses seminars in your state.
You can also work with an experienced agent to take you around different neighborhoods as they show you some of the low-cost houses. A Smartphone app will also help you identify affordable houses in different areas. Then, you can organize to visit the neighborhoods during your free time.
Consider Buying a Home That Looks Dilapidated but Requires Minimal Repairs
In most cases, the cheapest houses in the market have extensive damages. As a result, many buyers reject them because of the high repair cost needed to fix all the damaged parts and components. That makes the houses sit in the market for years. However, most homebuyers don't know that some houses look dilapidated, but they only require minimal repairs to make them look better.
Therefore, if you want to buy a house at a very low price, consider buying one that other buyers think might not be habitable. However, before purchasing it, hire an experienced home inspector to assess the condition of the home. Then, hire a professional contractor to give you an estimate of the total repair cost. If the repair costs are affordable, buy the house and make the necessary repairs.
Consider Houses Buying a House Located Outside the City
Many people look for houses in the most developed areas and major towns. That makes houses in the city very expensive. Therefore, if you want to find a cheap house, consider buying a house outside the city. In most cases, houses that are far away from the major metropolitan areas are more affordable. However, if you work in the city, you have to consider the time you will take to work and back home in the evening.
Therefore, it is advisable to look for a house that is not more than an hour's drive from your workplace. If you take your time to search different neighborhoods, you might be lucky to find a beautiful, affordable house a few kilometers away from the city.
Consider Buying a House through a Wholesaler
If you have ready cash, you might get a good deal if you decide to buy a house through a wholesaler. Wholesalers get better discounts because they have good negotiation skills. They buy houses at lower prices and sell them at a slightly higher price. Therefore, they can sell you a house at a lower price than other sellers.
There are house wholesalers in different towns, and it is easy to find them through the internet or signs on the roadside.
Negotiate for a Better Price
Most sellers set their prices higher because they are optimistic they will get buyers willing to buy their houses at that price. However, most of them are willing to regulate their prices when a seller requests, especially when their houses have sat in the market for a long time. Therefore, whenever you find an attractive house that costs slightly higher than you can afford, negotiate for a better price. That might be enough to convince the seller to accept your offer.
Expensive houses are not always the best in comfort. Therefore, when buying a house, it is advisable to consider cheap ones as well. You might be lucky to find a cheap attractive home that might only require a few renovations to make it look wonderful. However, to make your search easy, use the tips above to enable you to find the most affordable house within the shortest time possible.
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