How To Find a Premium Home At a Bargain Price

Introduction

Finding a premium home at a bargain price may seem like an impossible dream. However, the dream can be a reality. Getting a premium home at a reasonable price is something that can be done. These days with the prices of homes lower than it has been in a very long time, buying a premium home is not as difficult as it was in the not so distant past. The quest for this premium home begins with a search for premium homes for sale in the area where you are interested in living. Of course a good neighborhood will have a better selection when looking for a premium home.

Step 1

Look for short sales. Short sales happen when the homeowner and lender agree to sell a home at a much lower price. This is less than what the home is worth and less than what is owed on the home. Selling the home this way helps the owner and the lender. The lender agrees to take a lesser amount than what is owed as payment for the home, the benefits the homeowner since they do not have to pay as much and it benefits the lender who gets some money back. Finding a short sale on a premium home is a way to save a lot of money over the normal cost of the home.

Step 2

Look for a premium home that needs some work. The house does not have to be perfect to be considered a premium home. If the house has great structure, a wonderful flow and is in a neighborhood that is a perfect fit for your family it may just be the best house you will find. Basically if much of what is wrong with the house is cosmetic, it may be worth it to go for it. You can easily fix many of the issues and since you are getting the house for such a good bargain due to the amount of work needed, you are going to end up with a high end house, for a bargain price once you are done.

Step 3

Do not be afraid to ask for a discount. If you see items in the house that you will have to fix or that are not up to par, use this as a way to get the price lowered. Many times a homeowner is is anxious to sell will deduct for items that need repair. This is often preferable than having to it themselves. Even when a majority of the house is perfect, those few small odds and ends that are not, may get you a discount on the house.

Step 4

Investigate foreclosures. This one is a bit trickier than other ways to find a premium house at a bargain price. While the price is often a bargain, the houses are generally sold as is and without disclosures, this means that you have no way of knowing what is going on in that home. Many times since the homeowner could not afford the house, repairs may have been neglected. Use care when buying a foreclosed home for these reasons. At the very least do not buy one that does not mention the home having a clean title with no back bills owed.

Step 5

Step 5

Compare homes. When looking at homes, compare the ones that you like. Take note of the cost and how much it will cost to fix any issues that the house has. Next note the features of each home that you love and the ones that you do not like as much. This will help you to determine the best home value for the money you will be paying.

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