Buying Low Cost Houses

How to go about Finding a Low Cost House to Buy

By Mark J. Donovan

If you’re looking to buy your first home most likely you want to seek out low cost houses. But where do you look? How can you find an affordable low cost home? Well to start with you need to look in the right towns. Typically towns wither lower cost housing are further away from major metropolitan areas. In some cases, low cost houses can be found closer to the city in economically depressed pockets within the greater metropolitan area. Admittedly these locations often have negative issues with them that may make you want to pause before considering purchasing a home in them.

Another type of low cost house to consider is a brand new one that has its upstairs left unfinished. I purchased my first two homes that way.

Buying an unfinished home is a great way to get into your first home. Also, if you’re handy and can finish the house on your own, you can dramatically increase the value of your home. On both of the unfinished homes I purchased I completed the unfinished upstairs areas myself, saving a boatload of money in the process. I effectively doubled my investment on the money it cost me to finish my first home when I sold it just two years later.

Where to Find a Low Cost House

Well first start online. Visit your local real estate websites and check the MLS listings. You can also pick up real estate fliers and newspapers in your local area to find homes for sale. When searching online and through the real estate advertisements look for homes that are older and/or need work, or in my case new home construction. With older homes and/or homes that need work you can often negotiate a much lower price than the list price. Often sellers of older homes or “handy man project” homes are unrealistic when they list their home. After months of not selling their home they are often more amenable to any reasonable offer on their home.

How to tips on buying a low cost house.

In the case of new construction homes, visit the construction site or development of the home and talk with the builder. Often a home builder can work out a way to accommodate you for leaving a portion of the home unfinished, and thus offer you the home at a more affordable price point.

Also don’t hesitate to ask your local real estate agent on where to find low cost houses to purchase. They may know of a homeowner who is interested in selling their low cost home but has yet to list it.

The real estate agent may also be able to work with you in terms of finding a mortgage lender who can provide you with a lower cost housing loan. Often with first time home buyers mortgage banks offer additional incentives to reduce the monthly cost of the mortgage.

Similarly federal and state laws may offer incentives to first time homebuyers. A professional real estate person can help you explore all of these opportunities.

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