Three Rivers Folklife Society has put on the Tumbleweed Music Festival every year and on August 30, 31, & September 1, 2019 the... Read More
Reasons Why Cheap Homes Are Cheap
When items are discounted at the grocery store, there’s always a reason. Maybe the bread is a little bit stale or the item has been discontinued. Before buying any discount produce, you should probably understand why it is being discounted. The same is true for homes and while there are many cheap homes on the market, learning why it is selling for such a low price will go a long way towards telling you just how worth your effort that property may be.
There are some common reasons why property sells for a low amount or may be listed for a low price initially. Some of these reasons may indicate a home you do not want to get involved with but some may indicate a good deal. When you see a cheap piece of real estate on the market, evaluate it to see which of these situations it falls in to.
A Less-Than-Stellar Area
The location of a home affects its value profoundly and while that can mean great things for a home owner in a posh location, it can also mean suppressed real estate prices in an area that is anything but. Many people think that no matter what, real estate will increase in value. That is not necessarily true and the future fortune of a neighborhood will directly translate into whether your real estate investment or home price swings up or not.
We have all seen homes that simply need work. For whatever reason, the current owner has simply grown tired of updating a home and that state of disrepair translates into a steep discount in the home’s sale price. If you do not have the stomach to go through the arduous process of repairing a home, these cheap prices of a particular piece of real estate are certainly not for you. If you are not scared off by the prospect of some labor, these can be great targets.
The Speed Sell
Sometimes a seller needs to sell a property fast, whether to get out of town for relocation or to quickly liquidate some assets. These types of homes present the best opportunities for prospective buyers as these pieces of real estate suggest the least amount of problems. Of course, these homes get snatched up quickly, the very goal the seller has in mind, so finding them can be a bit of a difficult prospect. The best tactic is to monitor an area of town or maintain searches on a set of criteria on a regular basis to turn up all of the new homes that get put on the market every day. The real estate market is a competitive arena, so make sure you are doing all you can to get an edge over the rest of the prospective home buyers out there.
The rest of the cheap homes generally fall in the mystery category and these pieces of real estate are the ones that you need to be most cautious about when investigating for a possible purchase. Homes are always cheap for a reason and there is certainly a reason buried somewhere in the floorboards. Is it near an airport? Does a railroad run through the backyard? Not all mystery homes hold mysteries that are this obvious but the seller is obligated to disclose anything that affects the value of the home, so just make sure you and your realtor ask the right questions.
Doing your homework on why a piece of real estate is selling for the price it is will go a long way towards determining the worth of a potential investment or home purchase. Cheap homes can look attractive at first glance and then lose luster with further inspection. Ask the right questions and do the right research so that you too can make that determination accurately to avoid potential headaches later.
Call us, 509.438.9344, Email us, or fill out the contact form below.
We respond right away! -Colleen Lane, Realtor®
Latest From Our Blog...
This year the 2019 Benton Franklin Fair and Rodeo is “The Best Week of the Summer.” Come check out all the fair has to ... Read More
Riverfest 2019 | Sep. 7, 2019 | 10:00 AM - 4:00 PM | Columbia Park/Lampson Pits | Kennewick, WA RiverFest is a FREE family eve... Read More
Cuisine de Vin | Aug. 16, 2019 | 7:00 PM - 11:00 PM | Terra Blanca Winery | Benton City, WA Visit this over 21 casual fun-fi... Read More
Second Saturday Uptown Shopping Center Art Walk in the Uptown Shopping Center, Richland WA | August 10, 2019 | 3:00 PM - 7:00 ... Read More
The 2019 HAPO Columbia Cup will mark the 54th time Unlimited Hydroplanes have raced on the Columbia River. This year’s event,... Read More
2019 69th Annual Art In The Park at Howard Amon Park, Richland Washington. Experience an explosive event which brings together Tri-... Read More
Woman Work: All-Women Art showJul. 12, 20196:00 PM - 9:00 PMDrewBoy Creative | Richland, WADrewBoy Creative presents its first-ever... Read More
2019 See 3 Slam Basketball Tournament Sponsored by Tri-CU Credit Union and presented by Sunrise Rotary and the City of Richland on ... Read More
Are you looking for something to do this weekend in the Tri-Cities Washington or in the surrounding area? Then check this out! I ha... Read More