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Tips on How to Buy a Home Cheaply

Buying your dream home does not necessarily mean that you have to pay a lot for it; you do not need to start with an expensive home to end up with a home that you love. You may be able to find an inexpensive home and still get exactly what you need to get started in the tough Real Estate markets, whether you are an owner-buyer or an investor.  

 

Buying a home with “potential” cheaply, within your price range, saves you the stress of being over committed financially (and the stress that can put on your relationships).  Then you start on realising the house’s full potential.  Don’t be afraid to make “silly” offers – You do not know the sellers financial position and they may be desperate enough to accept.

You may have to be willing to do a fair bit of work in order to move the home from “potential” to “dream” home. But buying within your price range to get started is very important. From there, you can slowly add to it as funds allow.  Give careful consideration to what needs to be fixed, and get Estimates for fixing it.  This puts psychological pressure on the Seller – they know you are interested, but that they could lose the sale if they do not negotiate on the price. Remember that some fixes are quick fixes (like painting and a new carpet) while others can turn into nightmares (ie, problems with foundations).

First, shop around and make sure that you get to see all of the cheap homes in the area that you are looking to buy in. You should take the opportunity to see as many homes as you can first, before you make your choice.  This will help you to see just what you can expect to buy that falls within your budget. This develops a “sixth sense’ for the property that is right for you, in that area, within your budget.

Buying a cheap home will allow you the opportunity to fix it up as you go.  You can do ongoing improvements on the home until it becomes the home that you want it to be.  You will be able to appreciate the home of your dreams even more when you end up with something that you put your heart and soul into – the house becomes part of you.  

If you see a home that fits your style and has everything that you want, you may still have to negotiate a little on the price, but you may be able to get the seller down a little and save money along the way.   Every dollar you save on the purchase price is a dollar you can use on improving it.  

Note all the faults in the house and use them to negotiate the price downwards.  Be comfortable with losing the deal – that puts you in a stronger negotiating position, and the best bargain may be the next negotiation. Remember to check out houses repossessed by the banks – these can turn up some real bargains.

Be sure to research fully.  If you have that gut feeling that nothing you have seen is quite right, expand your search into surrounding neighborhoods – This is your big expense and you need to get it right. 

Or, you can do it the simple way – Ask us to do the leg work and narrow down the options. Ring us now on 0437 399 927 to schedule an appointment.

 

Next Step?

Have a question or want to get started?

Call Khalid Nayab on 0437 399 927