For many, the thought of purchasing a home is overwhelming. Buying a home is often the largest financial transaction of a lifetime. Looking for less expensive home options? Here are 5 possibilities to consider.
A fixer upper.
Sure, the term, "fixer upper" is open for interpretation. However, shopping for a home in need of minor repairs or updates is a great way to save on your home purchase. Having a home inspection for each home that you may be considering is an essential step when searching for a fixer upper. Many homes are passed over by potential buyers because of cosmetic, easily remedied issues. For example, updated appliances, cabinetry, lighting and bathroom fixtures, flooring, doors, and windows are all simple to take care of. Beware of homes that are in need of a new roof, heating and air system, or those with plumbing or wiring issues. Homes with damage from mold, mildew, or termite damage are also ones to be wary of, as the expense of repairs could mean the property isn't such a bargain after all.
Good things come in small packages.
Another way to keep yourself from spending a fortune on a home is to look for a house under two thousand square feet. The mega mansion trend of the 1980's and 1990's is finally waning, and savvy potential buyers know that a small home is a bargain for several reasons. Smaller, more compact homes are attractive because it takes less time and money to heat, cool, furnish, and landscape a scaled down space. The adage, less is more, really holds true when it comes to some smaller homes. Depending on the design, you can get a whole lot of bang for your buck with a well designed, compact home.
Everything that was old is new again.
Forget about investing in a new home and look for one in an older, established neighborhood. House hunting for an older home is an educational experience in terms of what you will learn about styles and building trends that may have come and gone. Every American town has several neighborhoods which were the epitome of "the place" to live at one time or another. They are usually in an older part of town and serve as a reminder how changeable our tastes can be. Depending on where you are, older homes can run the gamut of architectural styles. Please do not take this as a suggestion to look for a historic home, which can be pricey and demanding in terms of maintenance and repair. The 21st century trend of moving to the suburbs took its toll on neighborhoods, especially for homes built during the 1950's, '60's, and 70's. Many of these homes are solidly built, have unique architectural features and are offered for a price much less than what they could be built for today.
Embrace country life.
To save money on a home purchase, you may want to consider looking outside of the city limits. Homes out of town are typically on larger lots and in more sparsely populated neighborhoods. Depending on the circumstances, a home in a rural setting may make you eligible for a USDA Rural Housing loan, which is another plus. If you work in a city be sure to factor in the cost of commuting when evaluating your options. It could also be that a home in such a setting would allow for a small garden, which would be beneficial on several fronts!
A manufactured home may be the answer.
Mobile, modular, and manufactured homes have come a long way and allow homeowners numerous options at a much more affordable rate when compared to stick-built construction. The concept of manufactured housing has evolved into a highly efficient process, which allows potential buyers to customize a number of design aspects. Those that go this route can choose from several floor plans along with interior and exterior features such as vaulted ceilings, windows, wood or vinyl siding, and even roof designs. Combine that with the fact that these homes are constructed under very controlled conditions and must pass federal regulations for a number of safety features make them a smart choice, whether you are on a tight housing budget or not.
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