Some Fun and Interesting Ways of Finding a Cheaper Property

Finding a cheap new house to buy is one of the targets many of us set each year. If you want to stretch your budget as far as possible then you probably already have a few ideas for doing so. However, there are some fun and interesting ways of doing this which you might not yet have thought about…

Find a Rude Street Name

This sounds like a ludicrous way to find a cheaper home at first sight. After all, how much cheaper could a piece of real estate be just because of a silly street name? Interestingly, a recent study in the UK found that streets with weird and embarrassing names usually offer better value properties. As long as you don’t mind living somewhere like Crotch Crescent or Slag Lane you could end up paying a lot less for your new house than you would elsewhere.

Look for Redevelopment Opportunities

Buying a house which is in sparkling condition isn’t usually a very good way to get a bargain price. Instead, you could look for properties which are a bit run down and in need of some work. As long as you don’t mind some hard work and living in a building site for a while then this can be a fantastic way to pay less for your next property. One of the most interesting ways to do this is to not just limit yourself to old houses in need of repair. You could find a bargain waiting for you if you snap up an old schoolhouse or church. You could also think about redeveloping part of a hospital or prison. There are many examples over the planet of different types of building which have been turned into lovely homes. Some of these will need a lot more work than other but they could turn out to be fantastic purchases in the end.

Check Out Different Cities

Have you ever considering looking further afield in your search for a new home? Too many people restrict themselves unnecessarily to certain locations when they want to find a piece of real estate. In many cases it can be a lot cheaper to look in the next city along or even in a different part of the same city. If you do this then there are a lot of points to consider. For instance, if you have children will they miss their friends and local school if they move away? Will you need to pay lot more for commuting to work over a longer distance?  It certainly isn’t something you can just jump into without thinking about. However, it could turn out to be a terrific move is you go about it in the right way. Finding a quality realtor with a site such as Agent Harvest should be first your first step once you identify the city you are interested in.

Make a Joint Purchase

If you plan on buying a house on your own then you might find that your budget just doesn’t stretch far enough for the kind of house you want. So, do you settle for second best or do you find an alternative way of getting the type of property you want? One intriguing possibility is that of making a joint purchase with a relative or friend. If you do this then it will open up the possibility of a lot of more expensive houses for you. Of course, you won’t want to go ahead and do this sort of thing with just anyone. It needs to be someone you get on really well with and can imagine sharing a home with for a long time. You should also ensure that you are completely clear about the financial aspect and the breakdown of the domestic chores right from the outset. On the plus side, it can be great fun to live with someone you get on really well with. Cooking together and having nights in watching a movie can be a great way to pass some time with a good friend.

Let Part of It Out

Another possibility you might not have considered is that of buying a large property and letting part of it out to someone else. This could work if, for example, you are buying a house for your family to grow into but don’t currently need all of it. Relying on rental income to pay your mortgage can be stressful, so it would be good if you could find a way of having an emergency fund to tide you over if you are left without a tenant for any period of time.
Have you discovered any other fun way of getting a better value property?
Author Bio:
Ellen Carter is a real estate analyst who has bought great value properties in the past by using some unusual tactics and ideas