Are You Looking For A Really Cheap Home?
There are a lot of ‘cheap’ homes on the market so I guess we should qualify that title by adding ‘not nasty’ – there are plenty of cheap and nasty homes around, and they are dirt cheap – in fact, it’s the dirt you’re paying for. However, away from the cheap and nasty homes, there are still a lot of quality homes on the market that are quite cheap. The key to finding these homes is very straightforward – look where everyone else is not looking.
While that may sound obvious, people looking for cheaper homes are often disappointed and the main reason is because they are looking in areas that are still popular. When looking at areas that other home buyers are avoiding, you do need to understand why home buyers are avoiding those areas, and to factor those conditions in. A good example is location. If a home is outside, what is considered a comfortable daily commute, then buyers will avoid that area. Home prices are typically much lower than those located closer in to services and you will have to factor in longer commute times, and slower home price recovery times.
Location is not the only factor that home buyers are considering. Neighborhood reputations, school reputations, and sometimes even taxes all play a role in people’s decision-making processes. If you can capitalize on factors that others consider negatives, then you will find homes that are quite cheap.
One word of warning when it comes to buying cheap homes. While a home may be cheap, it may not represent a bargain. The two are very different. If a similar home is $50,000 more expensive, but in a better location, then there is a good chance the dearer home is a better bargain, especially long term. If you need cheap, look in the right areas. If you want a bargain, then do your math and look a little closer.
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