When you want to buy real estate and become a homeowner, it is best to take this process slow and steady. If you try to rush through applying for a mortgage and looking at homes, you could end up getting a mediocre interest rate, overpaying on a home, and missing out on some properties that match your needs. However, when you want to minimize how much you pay for a home and aren't too concerned about the location or layout as long as the home is functional, you may actually want to look at homes that some pickier buyers would tend to pass up.
Fewer Number of Bedrooms or Bathrooms
One of the easiest ways to find a home that is going to cost less than the average house in your neighborhood is through the number of bedrooms and bathrooms. Anything less than a three-bedroom, two-bath house is going to have less appeal because this is generally the bare minimum that people want for raising a family. However, if you needed to expand your home later on, the cost of a remodel/addition may be much less than if you bought a home with all of these features to begin with. And having fewer bathrooms or bedrooms certainly doesn't take away from the functionality of a home. If you have a smaller family, really consider if you need those extra rooms or if they will just be dead space. Even opting for a half bathroom instead of a full with a shower and tub could save you some money.
Located on a Busy Street
While it is certainly true that homes on a busy street are noisier than homes in a low-key suburban neighborhood, this has nothing to do with the quality of the home. It is a perfect opportunity to save money on the total purchase price as the asking price will be lower and there will be less competition. If you do not plan on having kids or you already have children who are grown up, this is a great choice as you do not have to worry about the safety risks of living in an area where lots of cars pass by.
Sitting on a Corner
Another location-related feature that can take away from a home's value is sitting on a corner. Corner homes usually receive more foot traffic from the adjacent sidewalk and may be louder than other properties since their corner may have traffic signage and cross-walks. Again this is another instance where the home value may be lower, but the location does not affect the home itself at all. However, you can turn this kind of property to your advantage. Corner properties don't have neighbors on one side, so if you value privacy that's a plus; and, you may be able to find a yard that requires less landscaping maintenance.
By making just a few adjustments to what you want versus what you actually need, you can quickly narrow your search down to homes that are much more affordable rather than just looking at properties in general.