10 Tips to Buy Real Estate Without Breaking Your Budget Part 2
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6. Buy a home that’s a major remodel project. If you want to live in Georgetown or Foggy Bottom, but can’t afford a $1M home mortgage, consider buying a dilapidated townhouse in your idea area. In time you’ll need to gut the existing home and build from the ground up or contract significant home improvements. But in the end your property value will skyrocket. And if your carpentry and other construction skills are well-developed, you can save even more and accrue sweat equity during your remodel by doing much of the work yourself.
7. Don’t discount bank foreclosures. One person’s loss could be your gain if you buy real estate in foreclosure. Although the search for a decent foreclosure may take a while, your realtor should be able help. The U.S. Department of Housing and Urban Development (http://www.hud.gov/) can be an excellent resource for foreclosed properties. Because HUD houses are sold at market value, your best bet will be homes that need cosmetic work or even major repair.
8. Land with a manufactured home. Sometimes, to buy a home on a budget, you need to look beyond convention. Even if your wish is to buy real estate, you may have to settle for a piece of property in an outlying area with a mobile or manufactured home. Discuss this option with your real estate agent and try to keep an open mind about this possibility.
9. An older, smaller home. Older homes are typically priced much less than newer construction and don’t tend to create buyer bidding wars. If you can enjoy life in an older and smaller home in a neighborhood or suburb off the beaten path, this could be your ticket to real estate ownership.
10. The cheapest house in the best neighborhood. You have your heart set on a specific, expensive, neighborhood. Maybe it’s the schools that you’re interested in. Or perhaps it’s the close proximity to downtown or the waterfront. In any case, a budget-savvy buyer will look for the least expensive home for sale in the neighborhood. Your real estate agent can be a real asset in this case by investigating potential sellers.
Buying real estate without breaking your budget will require research and compromise. On moving day, however, you’ll have the satisfaction of knowing that your homework paid off!
Hopefully these tips are help and if you need anymore ideas on buying a house, selling a house or investing in real estate visit our main site by clicking here.