How to find an affordable family home in TX
Texas Housing - August 26, 2019
Despite the fact that home-ownership – and in particular the affordability of housing – has gotten a bad reputation over the past few years, it is still part of the American Dream. But now, there is a warning for this dream: can buyers find a home to buy within their budget? Finding a great, affordable family home in TX can be a problem; the tips below may help.
Ten tips to help you find an affordable family home in TX
1. Look at many houses
Looking at a lot of houses before hiring piano movers Texas, you can better distinguish good from the bad. And also train your mind to find great deals. In the end, affordable is relative. So get a good idea of your local real estate market by visiting as many open doors as possible. Make an appointment with your real estate agent to tour the dozens of proposed homes in one day. And then note what you like and what don’t. Or spend a weekend driving in the streets while your spouse uses the smartphone app to find out housing prices.
2. Make a lot of suggestions
Many real estate investors comply with the rule 100-10-1, which states that you should look at 100 houses, offer at 10 and get only one accepted. By submitting many offers, you increase your chances of getting a good bargain on an affordable family home in TX.
3. Sort by price
This first may be the most obvious on this list, but many people do not know this. When searching an online real estate platform, such as realtor.com, properties are often listed by “most expensive” by default. Get in the habit of instantly clicking to sort by “cheaper first”. And you will always see the most affordable houses for sale on the list. Also, if you search across a large geographic area, you can search for patterns to see where the areas with the lowest price are usually located.
4. Consider a fixer
Sometimes affordable homes are sold at low prices because they require a lot of work. However, simply because the property requires some TLC, this does not mean that you cannot use it and get a great deal. Fixers, however, carry a certain degree of risk and complications – and they can be difficult to finance. On the other hand, there are plenty of ways to upgrade your home for less than $100. If you decide to purchase a fixer, keep the following tips in mind:
- Always have your affordable family home in TX inspected by a professional home inspector so you know what you are getting into.
- Always get estimates from licensed contractors so you can accurately estimate potential repair costs.
- Look for “cosmetic fixers” that require simple patches, such as paint or carpet. Bad smells are also good because they are easy to fix, but they drive away most of the competition.
- Consider using a rehabilitation loan to include rehabilitation costs in your loan.
5. Look out of town
One of the best ways to find an affordable family home in TX is to look outside the busy cities and suburbs and focus more on the countryside. We are not talking about buying a farm off the beaten track. But within one to two hours from every major US market, there are communities at a low price. We know that moving to New Braunfels TX sounds like a good idea. But, as a rule, the farther you are from large urban areas, the lower the price.
6. Set up automatic alerts
Make your real estate agent set up automatic alerts for any type of property you are interested in so that you can use any advantageous offers. If your agent does not make automatic alerts, set them up on a real estate search portal.
7. Search for “For sale by owners”
Often, in an effort to save money, people list their homes with the For Sale By Owner (FSBO) sign in the yard and hope for the best. However, often these people do not have the slightest idea of what the true value of their home is. And may think of selling much cheaper than other homes in the area. Also, check out sites such as Craigslist for FSBO sales and quickly switch to them.
8. Focus on REO
Some affordable homes you will find will be REO (Real Estate Owned). This means that the property was foreclosed by the bank and is being resold. REOs are generally cosmetic fixers and might be vandalized or neglected for many years, although any property rights issues have been taken care of. When buying REO, you are not dealing with an emotional bank – you are dealing with a machine. You can offer much lower prices and get better deals on the real estate that you buy. And with some work, you can easily make your new place feel like home.
9. Negotiate firmly
Although this works better with less competition, negotiating with the seller is one of the best ways to reduce the cost of buying your home. Be alright with the loss of the deal – and you will be at the top of the negotiations.
10. Talk to the wholesaler
Finally, one great way to find an affordable Texas family home is through a real estate wholesaler. A wholesaler is a person who finds great offers and gives the right to sell this deal to another buyer for a small premium. Wholesalers tend to close deals with intensive marketing and good negotiation and can save you, the buyer. However, keep in mind that most wholesalers sell only to cash buyers. So if you plan to use a loan, it can be difficult.
Conclusion: finding affordable family homes in TX
You do not need to settle for the most expensive house on the street to be happy. Whether it is your main housing or investment property in Texas, you earn money when you buy, so go there and buy a great deal. We hope that these ten tips will give you great places to start looking for an affordable family home in TX. And that you will be completely satisfied with it.