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Deciding Between Cheap Houses for Sale

If you have found two cheap houses for sale that are nearly identical in price you will need to consider other factors to make your decision. Below are a few things that should be evaluated before you make a final decision.

  • Traveling Expenses – Is one home significantly farther from work or the market or other places you go to on a regular basis? Would the extra difference in mileage make a dramatic difference in your budgeted travel expenses? At the price of gasoline and auto maintenance these days, you may want to consider these extra costs.
  • Monthly Loan Expenses – Does one home offer cheaper owner-financing while the other offers only traditional bank terms? Do the additional expenses of closing costs, prepaid fees and Private Mortgage Insurance (PMI) make the bank fees exorbitant?
  • Property Taxes – Be sure that one property does not have a much greater tax burden than the other.
  • Repair Costs – Has one home just been renovated while the other might need some work? At today’s rates for having major repairs made, the cheaper of the two homes may not necessarily be the best value.

Choosing between two cheap houses for sale is an important decision. Take time to answer these questions as you seek to determine which home is the best for you.

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