Out of the 5.4 million people who bought houses last year, the majority were looking for affordable housing?
It’s challenging to find a real bargain when you’re housing hunting, even in the slow real estate market. In fact, most prospective sellers usually sit tight until the humming real estate market comes knocking again.
But this shouldn’t hinder you from getting great, affordable real estate deals. With a little creativity and research, you’ll certainly find your dream home that’s within budget.
Here are five simple ways on how to get a house for cheap.
1. Consider Cheaper Areas
You can simply move away from the city and find cheap homes in suburban areas. Living in the country is more peaceful, quiet, less crowded, and more importantly, more affordable. You can find houses that are way larger and cost a fraction of what you’d pay in the city.
Nonetheless, it’s important to consider your access to social amenities like schools, hospitals, and shopping centers.
2. Appeal for a Local Grant
There are a number of housing grant organizations which allow you to buy a home at a low cost and live in it for a specific number of years, while maintaining and fixing up the place.
After the occupancy period is over, they allow you to sell the home and keep the profits. It’s important to hire a local realtor to help you through these housing grants. Most of these agents won’t charge anything and you don’t have to sign any contracts.
3. Talk to Absentee Owners
If there are no favorable house deals on your local listings, you could consider asking vacant house owners directly. Some of the people you can target include landlords with empty apartments or homeowners who inherited property but aren’t using it.
To find these property owners do the following:
- Look for houses that appear vacant and use online public records to locate the owner.
- Contact landlords who list their properties for sale on Craigslist or any other reputable site.
- Buy public record lists via aggregate sites.
Shopping for foreclosures is one of the most creative ways to buy a house that’s not necessarily beat down.
A foreclosure is a home that belongs to a financial institution like a bank, but was initially owned by a homeowner. The homeowner may have left the house for varied reasons including job transfer, divorce, excessive debt, or even maintenance issues. These homes are usually lower than the standard market price.
Professionals at top real estate companies suggest that you should schedule an inspection before closing on a deal since most of these houses get sold as-is. This means that they’re sold in the same condition that the previous owners left them.
5. Look Into Short Sales
Short sales aren’t ideal for people in a rush to get a house. This is because it takes time to get approval from the financial institution that holds the lien.
If you are willing to wait, you will undoubtedly get some terrific deals. Also, since the homeowner may still be residing in the house during the time of the sale, you are likely to get it in a less trashy state.
How to Get a House for Cheap – Final Thoughts
Now that you are aware of how to get a house for cheap, you are in a better position for landing great house deals. However, ensure you make a budget and have the funds available when house hunting.
You may also want to get homeowner’s insurance to protect you from unforeseen issues with your prospective house.
