Do yourself a big favor.
Do some advance planning.
Unlike places like San Francisco, Los Angeles or New York, property values here are more manageable. With that said you can easily run into issues later if you buy property the wrong way. In fact, the advice that I’m about to share with you applies to pretty much all real estate markets, ranging from Florida to Washington State. However, when it comes to the High Plains area, these have extra relevance.
If you are looking to relocate here, the cheapest way to do it is to buy foreclosed property.
You really can’t go wrong with this because what you’re buying is the bones of a house. By being ready, willing and eager to pay for a small amount for renovation, you might get away with a substantial discount on your home. What would otherwise cost $200,000 or more might be bought for $50,000 or less. We’re not saying that this happens all that time, but you can definitely position yourself for tremendous bargains if you check foreclosures first before deciding to relocate.
Check Lien Sales
Lien sales are sales of real estate property because the home owner did not pay state and local property taxes on the property.
The government has put up the real estate property for sale to cover these arrears. Believe it or not lien sales can be good bargains. Depending on how many people show up from the auction, you can buy very decent property for dirt-cheap prices.
This doesn’t mean that you only have to spend money on the purchase and nothing else. It may very well mean that you would have to spend a few extra thousand dollars renovating or repainting the property so you can either live in it or resell it. Also, by focusing on paying as little as possible for the property itself, you can have enough resources left over to increase its value by upgrading it through renovation.
Cross Reference with Location
If you’re coming from out of state, it’s always a good idea to check online resources for the location you’re interested in. You might find all sorts of details that might turn you off. So, do yourself a big favor don’t paint yourself in a corner. Do some advanced research regarding the location you have in mind.
Cross Reference Location Preferences with Rent Profile
- Buying Your Residence or Renting? However, if you really want to lock in potential future profits, consider buying. Whether you’re buying or renting, keep in mind that the High Plains area is a growing area.
- We definitely have potential However, if you really want to lock in potential future profits, consider buying.