How do you find cheap homes? There are many ways that you can go about your search for an inexpensive home, but there are five basic principles to learn. Understand these, and you can save thousands of dollars on your next investment and become a pro at getting a bargain.
Cheap Homes Are In Cheap Towns
Yes, there are still beautiful towns in this country where you can see a good movie, put the kids in a good school, go shopping, enjoy nearby natural beauty, and buy homes for under fifty thousand dollars. Do your research on which towns would be a good investment for you and something that can either resell quickly, be rented out in a timely matter, or does not plummet in appreciation.
What you can’t get very easily there, is a good job. These towns with the cheapest homes usually have a bad job situation. They are great places to retire to or to move to if you have a business or profession that isn’t location-dependent. Writers and internet entrepreneurs are beginning to discover them. Of course, if you’ve already determined where you’ll be living, or need a town with high-paying jobs, you can skip this idea.
Some Homes Are Just Cheaper
Another way to save when buying a home is to find a less expensive alternative that still fits your needs. This can mean buying in the inexpensive parts of town or buying the inexpensive types of homes. Don’t set your mind on one type of home or one neighborhood before you know what all the alternatives are.
This doesn’t mean buying a cheap dump to save money or buying in a dangerous part of town. It is more about a philosophy of defining your true needs so you can find the least expensive way to meet them. You may be surprised at what is available for less.
Financing Can Make Homes Cheaper
You can pay the full asking price on a home and still spend thousands less than another person might. It isn’t just price, but financing can also make a home affordable. Pay a lower interest rate, and you can save many thousands of dollars. You can pay low or no loan fees, avoid mortgage insurance, save on appraisals, and more.
Save Money On Everything Else
Start learning the insider secrets to saving money at each step in the home buying process. You can learn tricks like how to use a walk-through inspection list to present with your low offer. You can learn ways to get cheaper inspections, pay lower taxes, pay less for homeowner’s insurance, and save on closing costs. There is more to buying cheap homes than just getting a low price.