Buying a home is on top of most people’s checklist, but finding an affordable house is not always that easy. As more people strive to actualize their dreams, the property market demand continues to rise. This means that you could be putting off your desire as you don’t have enough money to buy a house. You can, however, utilize creative ways to find cheaper homes in the market. If you are in the market, here are a few ways to help you land the cheapest homes.
Consider foreclosures
Browsing properties on foreclosure is among the most effective approaches, as you could land a home ranging from 25 to 60% off the actual value. These are homes on sale as the lenders work to collect a debt owed by a previous owner. Lenders sell the property seeking to raise and recover the remaining loan debt, which is usually lower than the house’s actual value. While going the foreclosure-way, nonetheless, a keen eye is essential, noting that there are pros and cons of buying a foreclosed house. You could land a cheap home, but as you buy it as-is, you need to ensure that it won’t cost you an arm and a leg to make it move-in ready.
Short sales
A homeowner trying to avoid the undesirable consequences of foreclosure could offer you a cheap deal to raise the necessary funds. Short sales can be tricky at times, especially if you have to deal with the ender and the seller. However, with a keen eye, you can find the cheapest offers as either the seller strives to close fast and avoid foreclosure or the lender if the homeowner is out of the equation or they have come into an agreement.
Off-market deals
Leveraging your social circles to get ahead of house sale before it hits the market can help you score cheap deals. Your friend/relative might know someone in their neighborhood who is moving and looking to sell their house. Keep an open eye on circumstances such as divorce, job offers in a different state, or inherited property. That presents an opportunity to make an offer before the owner lists the property. If you manage to make an offer and come into an agreement, you could land a cheap deal and even avoid agent commission. You could also drive around, knock on properties that look like they could use a little love, and see if the owner is willing to sell.
Fixer-upper
Are you hardy? Many sellers will accept cheap rates if you buy the house as-is, because they either don’t have the time and/or resources to make it move-in ready. If you know your way around tools, you could put your DIY skills to use by purchasing a house that requires some work. Getting your hands a little dirty could be rewarding if you find a home that won’t dig a lot deeper into your pockets, buying the necessary items to repair and make it habitable.
While it might initially seem impossible, with a few hacks, you can find cheap homes that fall within your budget and needs. Be open, stay on your toes, and leverage your social network to find cheap deals and ensure that your dream home doesn’t slip off your fingers.