When you are searching for a home to buy, especially if it is your first, budget is a major consideration. You will need to come up with earnest money, a down payment, and closing costs. Looking at homes in older neighbourhoods or a more modest area of town is more likely to produce several cheap houses for sale. This will provide you with more choices. You could also consider buying a home with a rental property attached, or even a mobile home for greater affordability.
One possibility is to buy a very old home in need of tender loving care and customize it to suit your needs and taste. The charm and cosiness of an older style home can be very appealing, and the romantic notion of renovating is also a draw for a do-it-yourselfer. Of course, if it needs a good deal of work, the cost can defeat the purpose of finding an inexpensive house. You are likely to need new carpet and paint in any a home you purchase that is not new, but an old fixer-upper could easily become a money pit if you’re not careful.
Another choice when looking for cheap houses for sale is to try to find a home which has a rentable apartment attached, such as a little duplex where you could live in one half and rent the other to help make your monthly mortgage payment. The cost of this type of home might be a little higher than what you have in mind initially but could potentially have a big payoff on the other end as your income property pays the lion’s share of the mortgage payment.
If you are looking for cheap houses for sale, don’t discount the value of manufactured housing. These mobile homes, as they are also called, give you more bang for your buck in many ways than traditional housing. Because these are constructed assembly-line style in a factory setting and moved to the site, the labour cost and materials are much lower.
This savings is passed on to the consumer, who then has an option on a very affordable home. And to save even more money, look for a previously owned mobile home, which has already seen the bulk of its depreciation. These homes can be as roomy and comfortable as traditional housing at a 30 to 40 per cent savings for the same square footage.
Arm yourself with tools such as the classifieds, your telephone, and a map of the city and begin your search — a little research and effort will find you no shortage of cheap houses for sale to choose from.