Ways to Acquire “Modern Homes” for Less than $150K

by Guest Blogger, Tina Madsen

Tina is a design enthusiast who brings her passion for modern décor and writing to her role as the NowModern.com blogger. She also specializes in turning small living areas into spacious social hubs with bar stools and counter stools

Everybody dreams of having his or her own house, not just couples who are planning to raise families. For most single people, owning a house is an investment which they may be able to reclaim in the future—with interest—through selling. No matter what those reasons are, it stands to reason that aspiring homeowners would want to purchase a house at a minimum price.

That is where the problem usually lies. Considering today’s economy and the way real estate works, it won’t be easy to find a house for sale at a maximum price of $150,000. There’s also the fact that price is not going to be the only consideration for buying a house. Location is a primary concern. Your house has to be on a safe neighborhood where you won’t be afraid to step out of the house at eight in the evening. Speaking of neighborhood, you’ll also have to check out your potential neighbors. If you have young children, you’ll probably want to move in a neighborhood where they can find friends their age. You should also be able to have easy access to various services and establishments.

So, how do you find a house that’s worth under $150,000 and also meets your requirements for an ideal home?

Go to the Bank.

Remember when the real estate market crashed and marked the beginning of the financial crisis in the United States a few years back? So many people lost their homes because of overdue mortgage payments. It was a very depressing period seeing that so many families got foreclosed and had to seek rooms from friends and family with secure residences.

On the other end of the spectrum are people who were looking for houses and could afford to buy them. They pounced on the opportunity to purchase properties at prices way lower than they expected. You see, foreclosed houses tend to be very affordable, at least when compared to brand-new houses or refurbished properties. There is therefore a good chance that you’ll find a good deal if you inquire about properties foreclosed by the bank.

Affordable House Listings

It may seem like $150,000 is too low a price for a good house, but you’ll be surprised to find that there are actually many houses for sale under that price. Many of them are located in metro areas with high foreclosure rates, like Atlanta, Las Vegas, Minneapolis, Cleveland, Cincinnati, Kansas city, Phoenix, and even in Rochester and Buffalo in New York.

A 4-bedroom house on sale for $150,000 in Atlanta, Georgia (2013).

It is understandable if you have doubts about the condition of the house, but then that’s what a house visit is for. Search your local real estate listings and take note of the addresses of the houses you want to check out. Schedule a visit together with your real estate agent. To be on the safe side of things, do an impromptu visit to see what it really is like without any prepping by the agent.

Trailer Houses

A trailer house is probably the most affordable abode you can buy today. In fact, a really good double-wide trailer can cost around $75,000. Single wide trailers average at a lower rate of $37,000. With these prices, you will have plenty of money left for custom-made furniture and trailer-friendly appliances.

Design and Build Your Own House.

If you cannot find a house within the $150,000 maximum limit—and assuming that you already have the $150,000 sitting in your bank account—you can always design and build one. The prospect of financing the construction of a house from the ground up may sound daunting, but it should be fine if you have an architect or engineer who is knowledgeable about affordable housing construction.

Work closely with your architect and interior designer in drafting the blueprints of your house. Prioritize important rooms like living area and dining areas, kitchen, bathrooms, and bedrooms. You may want to consider having studio-type, single-floor house or a stacked-box house. Keep the floor area as compact as possible. Go higher up is better than constructing sideways because the wider your house is, the more you will spend for its foundation.

A $150,000 house designed by architect Borath Ross in 2010.

Be very wise in choosing the building materials. Find the middle point between affordable and high-quality. It will be foolish to be stingy on the materials and later spend a fortune on repairs.

Finally, help out where you can. Even if you only take over painting the interior walls, you can already save money on labor. You can save even more—not to mention learn more about building and construction—if you offer a hand in the other jobs as well.

Even though times are difficult and good houses tend to be expensive, it is still very possible to have one without spending more than $150,000. There are several options for you, as demonstrated in this article. Just find the right agent and the right timing to finalize a purchase or green-light a building project.

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• House H / Sou Fujimoto
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We would love to hear from you on what you think about this post. We sincerely appreciate all your comments.

If you like this post please share it with friends. And feel free to contact us if you would like to discuss ideas for your next project!

Sincerely,

Frank Cunha III
I Love My Architect – Facebook

FC3 ARCHITECTURE+DESIGN, LLC
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