Here you have the top 10 cheapest homes in all of Madison, WI! As a Realtor® I think it is always fun to look at what you as the consumer can buy for your hard earned dollar. Whether it’s the priciest of homes on one of the lakes or a fixer upper that you cannot even imagine walking in to. Each day I see homes that run the gamut. My job is to let you in on all of the nuances of purchasing one of the cheapest homes in the Madison area.
Are you willing to get your hands dirty?
The first thing you want to consider is how handy you might be. Often times people will refer to the cheap homes as “fixer uppers” or “gut jobs”. Worst case scenario is that you are buying a home that may just need to be burnt to the ground and will require patience as well as a great architect and builder.
What are the bones of a cheap home? People often ask, “what are the bones like?” By this you are really asking whether or not the home is structurally sound and if all of the mechanical systems are in working order. Are there bulges in the foundation walls or horizontal cracks where you might see shifting from a frost heave? Is the roof sound and does it keep the Wisconsin elements out? Do the furnace, water heater and plumbing systems seem to be in decent shape and do you know if there are any potential risks of a carbon monoxide leak?
Strategize your finances before you make an offer.
Chances are very good that when looking at the cheapest homes in Madison, WI you will find pitfalls and not everything will be perfect. So how do you as a consumer need to strategize when purchasing one of these gems? The first thing you need to know is that cash is king! Often times there are numerous investors looking to purchase these homes in cash and close very quickly. You will find that a lot of the cheapest homes in Madison, WI are actually foreclosures and all the bank is looking to do is get that property off their books. There are no warranties made and it is basically a purchase at your own risk! So be sure that you have not only enough money for the down payment, but that you are financially set to take on all of the problems the home might have.
Schedule an inspection, you’ll be glad you did.
The second thing to consider in your purchase is having an inspection done on the property. This will more than likely be the best $300-$400 you will spend during the entire process. While the Seller or the bank, in the case of foreclosure properties, may not be willing to take care of anything that would be structurally or mechanically wrong, you have the piece of mind knowing what you will be getting in to.
Remodeling takes time and patience.
Finally it’s time to consider what the reward may be if you do decide to invest in one of these fine homes and restore it to then make a profit. Not everyone is looking to turn these properties around quickly, however with the right guidance from an experienced agent there is money to be had. If you are looking to purchase and live in the home make sure you are willing to ride the wave of remodeling. That means it could be a solid 6 months of renovation required to bring the home back to its original glory.
So there you have it! Are you ready to roll up your sleeves and get a little bit dirty? Are you ready to invest in your future and claim the moniker of home ownership? Check out the homes below and be sure to give us a call if and when you are ready to tackle one of the 10 Cheapest Homes in Madison, WI.
From the desk of: Mark Gladue
Sorry, but we couldn't find any results in the MLS that match the specified search criteria.