Good news: You can buy a home for less than the price of a cup of coffee. Bad news: You will probably need to shell out thousands of dollars for repair and renovations. Should you take the risk and get yourself these $1 homes or is it a better choice to just go with a habitable home?
Certain cities in the United States have put up vacant homes for the price of $1 in the real estate market, Realtor.com reported. According to the publication, these $1 homes are vacant homes, which are often "dilapidated, abandoned, and located in some of the worst parts of the cities."
This means that the cost of getting yourself these homes are not too much, but the costs of repairing them and making them habitable might set you back thousands of dollars. According to the publication, the cost of repairing and renovating these homes may take $30,000 to $40,000.
However, this is just the minimum amount needed to repair $1 homes in the real estate market. According to the publication, the costs may even take up to $50,000 as some vacant homes can have foundation issues.
$1 homes are, therefore, great for those individuals who are young and are able to work on the money for repair and renovation as well as those who can work on some of the construction themselves.
These houses also come with certain conditions depending on the city. According to the publication, $1 homes in Chicago can only be sold to individuals who own and are living on the same block.
As previously reported here on Realty Today, Flint, MI continues to have a high rate of vacant homes after the city was declared to have lead in its water supply. About 7.5 percent of vacant homes across the U.S. can be found in this city.
Detroit comes next at 5.3 percent vacancy rate, followed by Youngstown, OH, Beaumont, TV and Atlantic City, NJ.