As your family grows, you may find that you need more space to live comfortably. However, your budget may not expand as fast as your family does. Therefore, it may be necessary to narrow your search to homes that are under $500,000. Let’s take a look at some ways to find a home that makes both your family and your wallet happy.
Look for Fixer-Upper Properties in Nice Neighborhoods
Most neighborhoods have at least one property that needs to be completely renovated or at least updated in spots. If you have the time to invest in painting the interior, adding curb appeal or renovating the kitchen, you may be able to find a home in your desired part of town without going over budget. Even if you just start a project and let a professional finish it, that could save money compared to buying a home in better condition.
Look for Homes That Have Lingered on the Market
If a home doesn’t sell quickly, a seller may be open to lowering his or her asking price. He or she may also offer concessions or other perks to make the deal a better value for your money. This is because the longer a home sits on the market, the fewer offers it tends to get. Typically, the seller would rather unload the property as opposed to making additional mortgage payments.
Buy When Supply Exceeds Demand
The best time to find low prices is when there are more sellers than buyers. This is because buyers can simply walk away from a deal that they don’t like and find something comparable in a short period of time. During economic downturns, lenders may offer lower interest rates on loans, which further lowers your borrowing costs. A real estate agent can provide more information about those topics when it’s time to buy.
Look Past the Trendy Neighborhoods
If you notice that a neighborhood is becoming highly desirable, look to buy a house outside of that neighborhood. This allows you to find homes at a lower price while also benefiting from high rates of appreciation as the relatively lower prices attract more buyers over time.
When you buy a home, you are making a commitment to that property for many years to come. Therefore, you have to be certain that it meets your needs while staying within your price range. Ideally, you will know your needs and wants and talk to a real estate agent prior to starting the buying process.
About the author: Hannah Whittenly is a freelance writer and mother of two from Sacramento, CA. She enjoys kayaking and reading books by the lake. For your real estate needs, Hannah recommends contacting Re/Max River & Sea.