If you are a first-time home buyer or on a tight budget, you may be looking to buy a home for less than $100,000. That can be a lot tougher to do in some areas than in others. However, there are plenty of such homes out there. You just have to know where to look.
- Stay away from expensive areas
Housing costs vary across the Greater Lansing area, and there are areas where houses are a lot cheaper. If you are looking for homes under $100,000, you’ll want to stay away from areas where brand new homes are being built. In places like Dewitt, Okemos and East Lansing, it’s virtually impossible to find a house under $100,000. By contrast, it’s much easier to find such homes in places like Lansing, Holt, Mason, Portland or Waverly.
- Look for fixer-uppers
Many homes sell at a discount if they need a lot of work. A house that would normally sell for $125,000 might sell for less than $100,000 if it needs expensive upgrades such as a new roof and a new plumbing system. You often can increase the value on such homes by more than what you spend on them, so they can wind up being a good deal.
- Buy a foreclosure or short sale
Distressed homes can often be a good deal for buyers. Banks holding homes on which they have foreclosed might want to get rid of them and are willing to take less than the house is worth just to get back the amount of the loan. Banks also sometimes let homeowners sell the homes for less than what is owed on the mortgage just so they don’t have to go through the foreclosure process. Such a sale is called a short sale. Both short sale and foreclosed homes around Lansing can be bargains and allow you to buy a home for less than $100,000.
Finding a home for less than $100,000 isn’t easy, but if you follow these tips, you will increase your chances of getting a deal. We can help you find a great deal on a house anywhere in the Greater Lansing, MI area. It doesn’t matter you are looking at homes under $100K or million dollar estates, Capitol City Home Team negotiates the lowest prices possible for every single client.
Contact Lansing Realtors Capitol City Home Team today to get started!