Networking can help you to find housing deals.
When it comes to real estate, everybody is looking for a deal. A house is probably the largest investment that you will make in your lifetime, so it makes sense to try to bring down the price. Remember that, almost without exception, you get what you pay for. You can find a cheap house, but it may not be your dream house.
Fixer Uppers
Houses that need a lot of work won't sell for premium prices. Most potential buyers aren't interested in becoming tradespeople, so won't buy a house if they see a lot of potential problems. If you like working on houses, or are willing to hire other people to do it, you can take on some of these properties and get them for less than they will be worth once they are fixed up. Be forewarned that housing renovation is a minefield. It will almost always take longer and cost more than you would expect. However, if you are cautious about what you buy you can come out ahead.
Foreclosures
Since the economic downturn in the United States in 2008, there has been a lot of talk about foreclosures. Discounting ridiculous stories about buying mansions for five dollars, it is actually possible to save money by buying foreclosed houses. Unless you happen to live in an area where foreclosures are common, you may have to travel to do this. If you are buying a house to live in, give some thought to the reality of moving to an area where a lot of foreclosures are happening. Employment may be difficult to find. Also, foreclosed houses may be in need of maintenance and repair.
Auctions
Some homeowners choose to sell their house through an auction rather than a more conventional real estate route. Real estate auctions are often undertaken by people who have inherited houses for which they have no use. These people sometimes don't live in the area where the house is, and simply want to get rid of it quickly and easily. As with foreclosures, don't expect to buy a house for five dollars. Most auctions have minimum bids, as well as motivated buyers who are going to bid against you. If the house is what you want and in a good location, you may be able to get it for substantially less than you would pay in a conventional real estate deal.
Remote Areas
House prices are based on condition, location and competition. In crowded urban areas, there are more people who would like to buy houses, so prices are higher. The farther away from dense populations you get, the lower house prices are. If you enjoy rural life and isolation, you can save a lot of money on a house by buying a house that's beyond the comforts of the city. Don't do this solely to save money. If the lifestyle and the isolation don't agree with you, you will probably regret your decision.
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