When it comes to buying property, the often repeated phrase is location, location, location. And while these three words are definitely worth living by if you can afford to, if you are really on a budget, there are ways to get houses on a discount that make them undesirable to many people, but may not necessarily make them a bad option for yourself. That is by looking for distressed properties — those properties that are in perfectly good shape, but have something about them that may turn off potential buyers.
Considering distressed properties can be an excellent way to get a house in an area where you might not normally be able to afford it. While this certainly isn’t for everyone, and it is essential to remember that when you sell, you are probably going to have to have to sell at a discount for a similar reason, it can be an excellent way of getting kids into a better school district or into an upper scale housing area for much less. Here are a number of distressed properties that it is worth considering while house hunting:
Near a Graveyard
If you’re extremely superstitious, buying a house near a graveyard might not be the best option. If you’re not superstitious, you should consider checking out any houses on the market that are close to cemeteries. Houses near graveyards are generally cheaper and they’re usually located in a quieter neighborhood.
A lot of people are wary about even entering houses that are said to be haunted, let alone living in one. Whether you believe in the paranormal or not, houses with supposed paranormal activity are usually put on the market at a very low price. Depending on the state you’re looking in, you might even luck out by buying an otherwise gorgeous house. There are plenty of well-kept, gorgeous homes around the East Coast that would normally be on the market for hundreds of thousands of dollars, but their “haunted” status has drastically decreased their selling price.
Murder or Suicide
Distressed properties where a murder or suicide once occurred are a hard sell in the real estate market. Like most of the properties on this list, stigmatization will cause the market price to be drastically lowered. There aren’t many people who would be comfortable living in a house where a murder or suicide happened. However, places you visit everyday can also be locations where murders or suicides have occurred. The important thing is to not let your imagination run away with you.
Houses that were previously used as drug dens, gang locations, or brothels are another hard sell for the real estate market. Similar to houses with paranormal occurrences or a history of murder, properties that used to house criminal activity will usually be on the market at a discount. Chances are that the property has been renovated and off the market long enough that the people who used to reside in the property are no longer associated with it.
Full Article | Source: www.savingadvice.com