If you have been saving up for a down payment for a house then you might already have tens of thousands of dollars. What if, instead of using it for a down payment, you used it to buy a house outright? Believe it or not, there are cheap old houses under $30,000. Of course, you may need to do some repairs on these houses. But if you’re willing to put in the time and work, this can be a really wonderful way to secure affordable housing.
A Home for $1000
When you look at buying cheap old houses, you have to think about the total cost, not just the sale cost. For example, this upstate New York home is only $1000. However, the expected renovation costs are more than $80,000. That said, if you’re willing and able to fix it up then you can easily enjoy living here. You might even recoup your money in time.
Similarly, here’s one in the same area that costs $3000. Anticipated repairs are about $75,000. This is a reminder that it might be cheaper to pay a little more at the outset if it saves on long-term costs.
Upstate New York Farmhouse
This farmhouse sells for $23,900. Built in 1870, it has some terrific features, including a spiral staircase to the upper floor. It needs a lot of repairs but could be a nice fixer-upper for someone. Plus it’s on about three-quarters of an acre of land. If you might enjoy camping out on your land while steadily working on housing repairs, something like this could be appealing.
As Is Home for $25,000
Oftentimes, cheap old houses are sold “as is” and the buyer must pay cash. That’s the case for this Indiana home. It costs $25,000. It needs work, of course. But if the bones of the building are good then it might be a valuable purchase.
Affordable Ohio Home
Many old cheap houses are in the Midwest. For example, here’s an Ohio home for $27,900. It’s a two-bedroom, one-bath house. There’s a detachable garage. It needs repairs, as will most of the homes you’ll find in this price range.
A Home in Maine
If New England life is more your style then perhaps you’d enjoy this $25,000 Maine fixer-upper. It’s a three-bedroom one-bath bungalow built from a kit in 1920. Taxes on this are $1795. It’s important to remember to look at taxes when you purchase cheap old houses. Also make sure that the home is free of any liens, etc. Do your homework to get the house that’s going to be right for you.
Buy a Kansas School
You just never know what unique housing options are out there. There’s a 28,000 square foot Kansas school available for $23,000. When buying unique properties, make sure that they are (or can easily be) zoned for housing.
Other Options for Cheap Housing
If you’ve taken a look at how much work goes into renovating an old house then you might decide that it’s not for you. Alternatively, consider purchasing a tiny home. You can purchase one for about the same price as those houses listed above. If living in a small space is worth a low cost to you then it can be a frugal housing option.
- Will We Regret Buying a House?
- 4 Ways to Save Money When Buying a House
- 30 Things to Do After You Buy Your First Home