Cheap Homes

Cheap Homes

Cheap homes can be found for sale almost anywhere in the country, and if you are open to moving, it is well worth your while to do some research by traveling or searching the Internet to find houses that are very affordable and ideal if you have a limited budget. There are some areas of the country that offer cheap real estates that are obviously more enticing than others. You can find cheap homes in little town with adequate amenities and recreational activities nearby.

There are a myriad of ways to locate a cheap home, but you must understand real estate terms in order to get the best deals. For example you should know the difference between a home that is on the market because of foreclosure as opposed to one that is advertised  "for sale by owner". Housing and Urban Development (HUD) also offer cheap homes and have access to many properties that are in foreclosure. These homes usually are on the market to be sold as quickly as possible due to unforeseen circumstances on the part of the owner. They must sell quickly in order to reap some equity left in their property. However, as a buyer you must know whether or not this property has lien placed against it or whether back taxes are owned. Often times, selling a home in foreclosure is accomplished by a public auction - where the winning price is often substantially lower than the asking price.

Keep in mind that even a cheap house cost money, so you need to be sure that you can afford the fees involved in purchase a home including a deposit (in most cases), mortgage fees, monthly payments, taxes, etc. Obtaining a pre-approved loan status is a good idea, because if you go to a seller with the backup to prove you are seriously looking to buy, you may be better able to negotiate a lower price.  Location is everything when it comes to finding a cheap house. If you are willing to relocate, you can cut housing cuts by as much as 50 percent. For example a Brownstone in New York City may run into millions of dollars, whereas a comparable two bedroom home in North Dakota could be $150,000 or less. Finding a home for less in more remote parts of the country is always a sure bet.

A mobile home is one of the cheapest options available even if it is sold with the property it is located on.  In some neighborhoods old homes can come at a bargain; however, buyer beware, because in other neighborhoods older homes are considered "trendy," and the prices can be higher because they have a higher value.   If you enjoy 'fixing', then you might be in the market for a fixer upper that can save you thousands of dollars and may only take a few thousand to renovate. 

Don't be afraid to make your first offer low.  The seller can only say no, but if you make enough low bids, there will be a seller out there that just might say yes.

ABOUT THE AUTHOR:

Richard sells real estate in the San Gabriel Valley which is about 12 miles South of Los Angeles.  For more information, visit his website at http://www.westsangabrielvalleyrealestate.com