[rome777]

I've been browsing Trulia under the recently sold section, and have been seeing a lot of nice 3 bedroom homes sold for around 30K. I've got 35K saved up right now so would I be lucky enough to buy a home for this amount as well? Also I have an uncle that does remodeling and construction and he informed me if I were to find a home in decent shape, still in good means of repair then he would do all the refurbishing for free. Thanks in advance.

[hockeygirl4]

Just remember, you get what you pay for. If you're seeing homes available for $30K, you can be sure they're located in pretty rough, crime ridden, neighborhoods. Is the lower cost of your future home REALLY worth the cost of replacing your valuables every month when they get damaged or stolen?

[adolpho]

Except your getting four times more now, than you would have gotten in 2006. I bought a nice condo in Summerlin earlier in the year for 35K. Sold it in September, and I am closing today on a nice loft style condo in Phoenix for 22K. The defaultee paid 119K in June 2006, and the neighbor paid 152K in January 2008 (talk about not getting the word). SFH are a different animal, but I've been shopping a lot for them, as well. There were some single level 3 br houses off Washington Ave. (about 6700 W.). Street names like Harvard, Yale, Virginia, Michigan, that looked doable. The realtors loved them at 200K in 2006; now they will tell you it is ghetto. Solid location, good 1950's construction, and there are some fixers. I'm looking at a 1936 beauty in Phoenix, 3 br, 1 bath on 6700 sf, that is missing fixtures. It is listed for 31,000, and has been languishing on the market for months.

[hockeygirl4]

Oh I agree, condos 30K, great deal, but not a home. I would be very leary with buying a condo in an apartment complex though because your neighbors can change all the time. Not to mention a lot of apartment complexes are allowing Section 8 right now because they can't fill the units. There is a girl living right below me that purchased her apartment as a condo for $62,000 and it's 700 sq ft, 1bd/1ba. I just can't see paying that when your neighbors are constantly changing. It seems like the "condos" under $55K are located in communities where they're also renting, and I don't think it's worth it to buy in places like that.

[adolpho]

It's hard to beat Summerlin. Sec 8 can be in SFHs also.

[Spraynard Kruger]

Originally Posted by rome777

I've been browsing Trulia under the recently sold section, and have been seeing a lot of nice 3 bedroom homes sold for around 30K. I've got 35K saved up right now so would I be lucky enough to buy a home for this amount as well? Also I have an uncle that does remodeling and construction and he informed me if I were to find a home in decent shape, still in good means of repair then he would do all the refurbishing for free. Thanks in advance.

The short answer on "Can I buy a small home for 30K?" I doubt it. Even at auction prices, thats a pipe dream. You might have luck with a condo, but not a home (worth living in, anyway!)

Will this be your first home?

Don't trust trulia. You can find homes that have "recently sold" for 17M when they are honestly worth about 3.5M and everything in between, so never trust trulia.

If you see a sales price on trulia, visit the Clark County Assessors website to fact check it for that particular address.

And we all have an uncle that does work for free! If this is your first home and its a fixer upper, expect the unexpected. You can't be faint of heart. I wouldn't sink your entire savings into the property, I would keep a substantial portion for remodeling. If the remodelling goes smooth (they never do) apply the rest of your savings to your mortgage.

Good luck.

[olecapt]

I doubt any individual can buy a low end house at this point except through HUD. All Cash makes it easier. Go to MCBREO.com and see what is available. You need to buy in the initial period when only owner occupants can bid.

If you are handy you can get a reasonable buy. They pretty much will all be on the wrong side of town and in the wrong neighborhoods. But they come out pretty good lots of the time.

[rome777]

Thanks for the help, and by the way I love this forum! it's like a fountain of knowledge at your finger tips

[nscapeislander]

Please don't generalize and assume all low-cost homes are in crime-ridden areas. This is a big country and with the present housing situation bargains are to be had everywhere. We all have different standards, but frankly, a lot of people a living way above their means, and it's time for a reality check. There are currently many homes all over the Atlanta area for sale for 30K and under, they don't last long, but they come on the market regularly. Try Vegas, Phoenix, and Florida as well. Don't let other people rain on your parade, you'll find if you look hard enough.

[nscapeislander]

Sorry, but you are incorrect. Today, there are many homes in good areas (not gated communities, not Beverly Hills, but good, average neighborhoods) for under 50K. It's a buyer's market if you're willing to relocate and keep an open mind.