When it comes to buying a home, there are various options to consider. One alternative that can help you save money is purchasing a fixer-upper. These properties are often priced lower than turnkey homes but may require some renovation work. By estimating the potential costs involved, you can ensure that you can afford the necessary improvements. Additionally, exploring unlisted properties can provide even more affordable options. In this article, we’ll delve into the advantages of buying a fixer-upper and the benefits of considering unlisted properties.
- Opt for a Fixer-Upper:
If you’re looking to buy a home at a lower price, consider focusing on properties that need some work. Jania, a seasoned homebuyer, emphasizes the value of purchasing a property that allows you to invest sweat equity. This means buying a home that requires renovations, allowing you to increase its value while saving money compared to turnkey properties.
- Improve Value with Surface-Level Repairs:
Turnkey properties, which require little to no work, often come with a higher price tag. To maximize your investment, search for older homes with a solid foundation that only need surface-level repairs. By focusing on these properties, you can enhance their value without undertaking substantial renovations.
- Explore Unlisted Properties:
While popular real estate websites like Zillow and Redfin are commonly used for home searches, they may not always offer the most affordable options. If you’re on a single income and looking for a slightly cheaper home, it’s worth considering unlisted properties. These properties are not publicly listed and can often be purchased below market value.
- Benefits of Unlisted Properties:
Jania highlights the advantages of purchasing unlisted properties. By acquiring a property off the market, you can secure a lower price compared to properties listed on the market. To find unlisted properties, consider reaching out to local realtors and real estate wholesalers who have connections with motivated sellers. These individuals may be willing to sell their homes for less than market value.
When buying a home on a budget, exploring fixer-uppers and unlisted properties can be a smart strategy. By purchasing a fixer-upper, you can buy a property at a lower price and increase its value through renovations. Additionally, considering unlisted properties can provide even more affordable options. Remember to estimate the costs involved in renovating a fixer-upper to ensure it fits within your budget. With these tips in mind, you can find an affordable home that meets your needs while maximizing your investment potential.