Tips for Buying on a Budget

Buying On A Budget Tips

With a greater inventory of properties for sale, there’s a home on the market for everyone — yes, even if you’re shopping for a new place on a budget under $100,000!

Charming 2 bedroom condo in Hatboro PA for just $129,000!

Keep in mind the following tips when you’re home-hunting for a bargain home:

1. Foreclosures and short sales (“distressed properties”) can often provide the greatest deals, but approach with caution. Many foreclosures have been vacant for more than a year, and banks typically can not make any guarantees about the property’s condition. While we always recommend getting a home inspection on your new investment, we especially encourage it with foreclosures and short sales.

2. If a one or two bedroom home can accommodate your needs, you’re more likely to get a great deal. The vast majority of homes for sale offer three bedrooms or more, so you’re likely to enjoy a nice price break if you choose a smaller place.

3. Condos and townhomes are often budget-friendly, but be sure to consider the monthly condo association fees and the homeowners’ association fees, if applicable. Condo owners may enjoy a low-maintenance lifestyle (since the condo association will likely be responsible for your roof, lawn, snow removal, trash removal, and more) but the monthly fee is often upwards of $200 or $300 — not very budget-friendly at all!

4. Location, location, location! It’s no secret that location plays a major role in home prices, but this doesn’t mean that you have to live in a “bad” or inconvenient area just to get a good deal. Consider up-and-coming areas that may be a bit further from the city (such as Downingtown, Coatesville, Gilbertsville, or Quakertown) for a great value in a family-friendly area.