How to Buy an Affordable New Home
Have you been looking for an affordable new home but find that the cost is either too high or just doesn’t have that look you fantasize about? Well, don’t feel defeated, there is a way to buy an affordable house and transform it into your dream home.
Here are a few tips to consider as you explore your preferred neighborhood to seek out that diamond in the rough.
Think Outside the Box
No house will ever completely be your taste so why not save money and make the necessary changes by purchasing a Foreclosure or Handy-Man-Special.
Reasons for buying a Foreclosure or Handy-Man-Special
- A new home will sell for $550,000-600,000 which is the median range.
- A new kitchen will roughly cost approximately $50,000
- A new bathroom on average costs $20,000-$25,000 on the low end with construction.
A foreclosure or handy-man-special can cost anywhere between $125,000 to $425,000 depending on location.
Facts and Benefits
- You choose your specifications on how your home will look
- Each room from the color of the paint to the type of flooring is entirely your decision
- You get to create the Kitchen and Bathroom of your dreams
- To reconstruct or renovate will cost anywhere between $75,000 to $100,000
- Your home buying savings will be anywhere between $50,000 to $325,000
It sounds like furniture and a vacation to me!
Now that you know the benefits of buying an affordable new home, you are now prepared to go in open-minded and look for the important details when house hunting:
- Does the house have the space you need to live comfortably?
- Does it have the number of rooms you need or can you alter the construction with ease and a contractor?
- Most important: Is it structurally sound and up-to-date with building codes. (This is key information when negotiating price)
If you aren’t entirely sure or don’t feel confident, take your trusted Interior Designer or Contractor with you.
It’s well-worth the money you will save.