The Salt Lake housing market is booming. Currently, there is more demand for housing than there is supply. As a result, housing prices continue to rise. This can make it difficult to find an affordable home. If you are getting ready to look for a house, there are some ways that you can keep the cost down, however.
One option is to look for a fixer-upper. Choosing a home that has minor cosmetic defects can often allow you to save a lot of money. Of course, you need to balance the cost of repairs with the amount of money that you are saving. The lower price on the home won’t mean much if you have to invest a fortune in the property to get it back into livable condition again.
This technique works best with properties that only require cosmetic work. For instance, worn carpeting or outdated wallpaper can easily and inexpensively be replaced. Foundation problems or leaky roofs, on the other hand, are extremely costly to repair. Properties with these types of major issues should be avoided.
Another option is to buy a home at auction. Every day, foreclosed homes are sold through real estate auctions for a fraction of their value. The downside to going this route is that you usually need to have the cash on hand to pay for the house on the day of the auction. Although it may not be feasible for everyone, if you have access to a large amount of money, this can be a great way to save. You should be able to find a list of properties that are going up for auction online to see if any of them meet your needs.
With a little bit of creativity and some outside-the-box thinking, you should be able to get a great deal in the highly-competitive Salt Lake housing market.