Buffalo selling homes for a dollar

The New York city's program may have a few strings attached, however.

By MSN Real Estate partner 1 hour ago

© Tetra Images, Getty ImagesBy Megan Friedman, Country Living

 

You can be a homeowner for as little as one dollar. Sound too good to be true? Well it is, kind of.

 

The city of Buffalo, New York is putting old, abandoned homes on the market for just a buck — but the cost of repairs could equal the price of a typical home.

 

The city’s Urban Homestead Program will give you the great deal as long as you promise to fix the place up and live there for at least three years. You’ll have to cover closing fees as well. But by doing so, you’re saving a historic home from being demolished. Cities like Philadelphia, Detroit, and Gary, Indiana, also have similar programs in place.

 

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"We're reintroducing new life into these properties," dollar-home owner Mike Puma told the Los Angeles Times.  "Not only are you taking a stand against demolition, but you're taking a stand on what happens in this city."

It’s not exactly a popular program; eight to 10 houses a year are sold through the program, while 4,600 vacant homes remain. And that’s because with the great deal comes a lot of work. Some homes require fixes that cost tens of thousands of dollars.

 

But the results can be amazing if you're willing to put in the work — and your community will be grateful for your elbow grease. 

 

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