If you’re trying to buy a home, you have a budget in mind. Most people end up buying at the top end of their budget or even a little bit outside of it, but you don’t have to be one of those people. You can find something that’s inexpensive and really great. When you decide to look at houses, do you set both a top and bottom figure? A range that you want to look in? That’s generally what people do, and it can stop them from seeing some great homes that are actually priced lower than the homes they’ve asked to look at. Don’t assume you can’t find something that costs less and that fits your needs.
Because of the foreclosures and other problems with the housing market, it’s important you remain open to different options. Something that was valued at one hundred thousand dollars two years ago might have a value of sixty thousand dollars today. Your money will go further in this housing market, and you have more buying power. There are two ways to use that. You can buy at the very top of your price range, knowing you’re getting a home that will eventually be worth much more than what you paid, or you can buy at the low end of your price range (or even below it) and get a house that you have to pay substantially less for.
By doing that, you have a lower house payment that you won’t have to struggle to make in a volatile job market, and you also have a chance to free up money to do work on the house. It may take a little bit of time, but you can turn it into just what you want – and all because you didn’t focus on the fact that it seemed to be priced too low for what you wanted.