Take Care When Buying Cheap Homes
What is my first mental image with the word cheap? Blue car with giant rust holes, no brakes, shag carpet seats that smell like…maybe we should not use my mental image for this. I think the point is the same either way. Now let us add homes to the equation. Cheap houses are where major crimes happened, jealous lover…the house is fine but the neighborhood is terrible, or just a poor decision on the last buyer’s part and ended in foreclosure. Funny how that is usually the last thought. There is a reason that we think of all negative options for why a home is cheap. It is because this ends up true all too often. Personally, if the home is cheap because of a crime then I think of it as a steal. Those cheap houses have a history lesson and a conversation starter. It is the other reasons that become a problem.
Beware the Flipped House
We know the stereotype of the unscrupulous contractor that builds cheap houses by cutting corners and using cheap materials, but that is not always how it happens. When you flip a house, the idea is to buy as low as possible and sell as high as possible. You have to be able to recoup all costs into it. Anything you can do yourself you do. I do not know about you but just because I can fix a clog does not make me a plumber. The person you are buying from probably is not either. If you are going to buy cheap do not make your decisions on looks alone. Make sure you have a thorough inspection done by an outside party. You may still buy it with the problems found but at least you will know what and where they are.
In conclusion, when you are looking on a small budget, be prepared for problems, check the history of the home and find an outside expert to be able to tell you why these cheap houses are cheap houses. Make sure that your dream home is the conversation starter you always wanted, the fixer upper you can handle or the perfect old cottage that is so far out of everyone else’s style that your dream came true at a bargain price.