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Cheap Homes

There has never been a better time to buy a cheap home and it is a great time for the average Joe to invest in the real estate market. The housing market in recent time has seen a tremendous decrease in price and to make the pot even sweeter there is a huge selection of cheap budget homes on the market. These homes cover every price range and can be found in every part of the country. If a buyer wants a large country home with acreage or a small condo, this is the time it. Though one must be aware of the possible problems when buying a cheap budget home and the cost of buying a home.

Most people will still need to be able to finance a house and a low price does not mean that it will be affordable. Unfortunately, the reason the prices are so low and there is a glut of houses on the market is that people have lost their jobs and can no longer afford their house. The owners of many of the houses have often been living on a limited budget for an extended period of time and may have not been able to properly maintain their houses. This means that a low budget house might need a substantial investment to bring it up to par. A fixer-upper is a great idea for a person who has the skills and knowledge to do the necessary repairs.

When obtaining financing, if a potential owner does not have a substantial cash down payment or have the money to fix the house up, they must find a house that will appraise high enough to cover the cost of the repairs in the mortgage or they may not be able to find a willing financier. In reality, that $50,000 house may need a mortgage for $80,000 to make the house livable. Unfortunately, the more money a buyer needs to borrow, the more money it will cost to borrow it. There is something called points, which is prepaid interest that a bank or financing company will charge a borrower. The more that a borrower can pay in points, the lower the interest rate on the mortgage is. There are also other fees: loan origination fees, filing fees, survey fees, title search fees, appraisal fees, title insurance and credit reports. It is usually necessary to have some money to cover school or property taxes that may be coming due.

A buyer must also consider the type of mortgage to get. If the interests rates are low, an adjustable rate mortgage is a good choice but the buyer should make sure the mortgage limit the amount of increase per year and has a maximum cap on the interest charged or in a time of inflation the mortgage may no longer be affordable. This can make a fixed rate mortgage, which may cost more initially but means a payment that will not change over time much more attractive. Also, the length of the loan can be anywhere from 15 to 30 years. A 15 year loan will mean more money is paid out every month but is much cheaper over the life of the loan than a 30 year loan. Of course, adding money to the payment every month is also an option, this is prepaying a loan and it will shorten the life of the loan but not lock a buyer into the higher payment.

It is easy to see that cheap, budget homes make it easier to get into a house but it is not quite as simple or as cheap as we would like to believe.


There has never been a better time to buy a cheap home and it is a great time for the average Joe to invest in the real estate market. The housing market in recent time has seen a tremendous decrease in price and to make the pot even sweeter there is a huge selection of cheap budget homes on the market. These homes cover every price range and can be found in every part of the country. If a buyer wants a large country home with acreage or a small condo, this is the time it. Though one must be aware of the possible problems when buying a cheap budget home and the cost of buying a home.

Most people will still need to be able to finance a house and a low price does not mean that it will be affordable. Unfortunately, the reason the prices are so low and there is a glut of houses on the market is that people have lost their jobs and can no longer afford their house. The owners of many of the houses have often been living on a limited budget for an extended period of time and may have not been able to properly maintain their houses. This means that a low budget house might need a substantial investment to bring it up to par. A fixer-upper is a great idea for a person who has the skills and knowledge to do the necessary repairs.

When obtaining financing, if a potential owner does not have a substantial cash down payment or have the money to fix the house up, they must find a house that will appraise high enough to cover the cost of the repairs in the mortgage or they may not be able to find a willing financier. In reality, that $50,000 house may need a mortgage for $80,000 to make the house livable. Unfortunately, the more money a buyer needs to borrow, the more money it will cost to borrow it. There is something called points, which is prepaid interest that a bank or financing company will charge a borrower. The more that a borrower can pay in points, the lower the interest rate on the mortgage is. There are also other fees: loan origination fees, filing fees, survey fees, title search fees, appraisal fees, title insurance and credit reports. It is usually necessary to have some money to cover school or property taxes that may be coming due.

A buyer must also consider the type of mortgage to get. If the interests rates are low, an adjustable rate mortgage is a good choice but the buyer should make sure the mortgage limit the amount of increase per year and has a maximum cap on the interest charged or in a time of inflation the mortgage may no longer be affordable. This can make a fixed rate mortgage, which may cost more initially but means a payment that will not change over time much more attractive. Also, the length of the loan can be anywhere from 15 to 30 years. A 15 year loan will mean more money is paid out every month but is much cheaper over the life of the loan than a 30 year loan. Of course, adding money to the payment every month is also an option, this is prepaying a loan and it will shorten the life of the loan but not lock a buyer into the higher payment.

It is easy to see that cheap, budget homes make it easier to get into a house but it is not quite as simple or as cheap as we would like to believe.

In today’s economic climate, it can be an extremely hard task for first-time home buyers to get their feet firmly on the property ladder. While the recession has resulted in many house prices being reduced, for those who are trying to find a mortgage for their first home, borrowing money has become a huge problem. With many families now struggling with mortgage repayments, the number of foreclosure homes for sale has increased dramatically. Although these problems have put a lot of first-time buyers off the idea of purchasing their first home, with the number of cheap homes coming on to the market, now is a perfect time to start buying.

The recession might have affected the amount of money you can borrow for your mortgage, but this does not mean you lack choice in your search for that perfect home. Cheap homes are everywhere you just have to know where to look for them. Buying a cheap home no longer means you have to compromise on a bad location either. Often the best place to begin your search is online.

Houses being sold due to foreclosures provide some great deals for home buyers and investors. Most of the time, houses being sold due to foreclosures are in very good condition and usually only require some slight cosmetic changes. This makes them perfect for those who are looking for a cheap home, especially if they are not skilled at major home improvements. These types of homes are also the perfect buy for savvy investors who have the time to do them up and sell them on at a later date for a higher price.

Therefore, cheap homes sold due to foreclosures make the perfect investments for first-time home buyers and investors. They make an affordable choice especially as the banks that often sell these types of homes are keen to recoup on their losses. But as the knowledge of cheap foreclosure homes increases, they do get snapped up quite quickly. The best way to ensure you get the most up-to-date information about the availability of cheap foreclosure homes in your area is to get online and conduct searches. There are numerous realtors that specialize in listing these types of homes for sale. By making sure you make contact with these cheap home realtors, you make an important step in finding these cheap homes more quickly and efficiently in the future.

Another opportunity that has arisen for home buyers in recent years is the number of cheap homes that have become available through house auction sales. While these homes often require a lot more work in terms of repair, they can make quite affordable homes for those with a small budget. Buying your home at auction is an unusual experience for many home buyers, but it can also be quite an exciting experience. Because bidding begins at quite low prices, you can often find some amazingly cheap homes through house auctions.

While it is important to remember that most cheap homes sold via auctions need a lot of repair, some gems can be found that only need minimal work. But for those who are not shy of hard work, cheap homes sold at auction can make a remarkable investment. For some home buyers, cheap homes sold at auction are ideal simply because they need a total refurbishment. By being able to gut a house, and refurbish, and redesign a home to suit your own preferences, many home buyers are able to create a home that they might have only thought they could dream about.

Again the best way to find out about these cheap homes is to search online for local cheap home realtors. It seems cheap homes are no longer just those that are located in the poorest locations. Due to the recession they are also increasingly being found in many desirable locations. For those looking to buy their first home, cheap homes being sold at auction, or via realtors due to foreclosure, are becoming the affordable choice for many.



Florence, WI
Asking Price: $69,500
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