The expensive real estate market has been a concern for many potential buyers for years and years. Even as the market begins to slow down from the lightning fast pace we saw just a few years ago, buying a home is still an intangible reality for many.
But there are alternatives out there.
From creative financing options to no-money down programs there are ways to get into houses that were not available to consumers a short time ago.
Although the bargains are not always easy to find, and also come with a lot of stipulations and strings attached, they are out there and ready to be scooped up by buyers who need a deal to afford a home.
A recent article featured on AOLMoney.com by Teri Cettina of Bankrate.com, “Homes for sale: $1,” discusses how homes can actually be found that cost less than a McDonald’s dinner.
Although this may seem too good to be true, it isn’t. Deals like this actually exist, although there is some tremendous red tape that every potential buyer must consider in advance.
Homes that cost more than $1 (but also at a tremendous discount) can be found that have less red tape and strings attached to the purchase.
“Even as the formerly roaring real estate market quiets, housing prices are still up in the stratosphere in many areas of the country. Despite that, there are still unbelievable bargains waiting to be found. How about a brick Greek revival in La Grange, Mo., with a scenic view of the Mississippi River for $25,000? Or a four-bedroom home in Nashville for $84,950?”
“Still too rich for your blood? Maybe you’d be interested in a traditional New England farmhouse for, say, $1. Yes, you read that right: A home that costs a single George Washington, one solitary dollar.”
The catches with homes that are this cheap are usually pretty big – such as locating the house to a different place all-together.
“For example, every so often, the Town of Norfolk, Mass., sells historic homes for $1 each. The catch is that anyone interested in buying the homes must be willing to move them elsewhere. In most cases, current owners want to build new construction on the lots and will demolish the existing homes unless they can get someone to relocate them.”
If you are willing to move a whole home to a new location then this deal could be for you.
Although potential buyers of these bargains must realize that there is a lot of work involved with moving a home, even if it just down the street.
So before you buy a home you must think of all of the work you will have to do and will be willing to do.
As stated before, many of these homes that are deeply discounted require either a lot of fix-up work or need to be relocated all together.
If they require work to be restored or fixed-up, a potential buyer must realize that a home improvement project or renovation, regardless of how easy it may seem in the very beginning, is no easy task.
Also, if the home needs to be re-located all together, the buyer must find a lot in advance to move the home to.
The bargains are definitely out there, buyers just need to know where to look and what comes along with buying a home for so cheap.