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Melbourne’s Best Kept Secret: The Affordable Houses You Need to See

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melbourne house for sale cheap

Melbourne is known to be one of the most expensive cities in Australia, which can be an overwhelming fact for those looking for a place to live. However, there is a hidden gem that not many people know about – affordable houses that are waiting to be discovered.

If you are one of those looking for a more affordable home, then you have come to the right place. In this article, we will give you a comprehensive guide to Melbourne’s hidden secret: the affordable houses you need to see.

The Benefits of Living in Affordable Houses

Living in affordable houses may not seem like the most glamorous option, but it has its perks. Here are some benefits of living in affordable houses:

Lower Costs

One of the most obvious benefits of living in an affordable house is lower costs. You will be able to save more money on your rent or mortgage payments, which can mean extra money in your pocket for other expenses.

More Money for Travel and Activities

When you live in an affordable house, you will have more money to spend on travel and activities. Melbourne has a lot to offer, and with more money in your pocket, you can take advantage of all the city has to offer.

Less Stress

Financial stress can take a toll on your mental health, so living in an affordable house can help alleviate that stress. You will be able to live within your means and not worry as much about finances.

Where to Find Affordable Houses in Melbourne

Now that you know the benefits of living in affordable houses, it’s time to find the perfect one for you. Here are some areas in Melbourne where you can find affordable houses:

Pakenham

Pakenham is located approximately 56 km southeast of Melbourne’s central business district. It has a population of around 46,000 people, and the median house price is around $500,000.

Werribee

Werribee is located approximately 32 km southwest of Melbourne’s central business district. It has a population of around 41,000 people, and the median house price is around $515,000.

Sunbury

Sunbury is located approximately 39 km northwest of Melbourne’s central business district. It has a population of around 37,000 people, and the median house price is around $530,000.

Cranbourne

Cranbourne is located approximately 43 km southeast of Melbourne’s central business district. It has a population of around 24,000 people, and the median house price is around $453,000.

Bacchus Marsh

Bacchus Marsh is located approximately 50 km west of Melbourne’s central business district. It has a population of around 8,000 people, and the median house price is around $380,000.

Tips for Buying Affordable Homes

Buying an affordable home can be a challenge, but it’s not impossible. Here are some tips to help you find and buy the perfect affordable home:

Set a Realistic Budget

Before you start looking for homes, you need to set a budget. Be realistic about what you can afford and don’t stretch yourself too thin.

Consider Buying a Fixer-Upper

Buying a fixer-upper can be a great way to get a more affordable home. You may be able to find a home that needs some work but is in a great location and has a lot of potential.

Get Pre-Approved for a Mortgage

Getting pre-approved for a mortgage can give you an idea of how much you can afford to spend. It can also give you an advantage when it comes time to make an offer on a home.

Work with a Real Estate Agent

Working with a real estate agent can help you find affordable homes that meet your needs. They can also help you negotiate the price and navigate the buying process.

FAQs About Buying Affordable Homes in Melbourne

How do I know if a home is affordable?

A home is considered affordable if it costs no more than 30% of your income. You can use a mortgage affordability calculator to help determine how much you can afford to spend on a home.

Can I negotiate the price of an affordable home?

Yes, you can negotiate the price of an affordable home. It’s important to work with a real estate agent who can help you negotiate and get the best price possible.

Do I need a large down payment to buy an affordable home?

No, you don’t necessarily need a large down payment to buy an affordable home. There are many options available, including government programs, that can help you buy a home with a smaller down payment.

If you’re interested in learning more about buying a house in Melbourne, check out our Guide to Buying a House in Melbourne.

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