Homes in Detroit can be significantly cheaper compared to the national average. According to Redfin, the median sale price for homes in the United States was $383,460 in January 2023. However, in Detroit, the median sale price dropped to just $77,500. This significant price difference allows individuals like high-school teacher Deandra Averhart to purchase properties at incredibly low prices.
Deandra Averhart became a homeowner in June 2018 through the Detroit Land Bank Authority’s (DLBA) Own It Now program, purchasing a three-bedroom home for only $2,690.50. Despite the low acquisition cost, the property was in poor condition and required extensive renovation.
Over the course of 15 months, Deandra took on the challenge of transforming the run-down property into a livable space. To keep renovation costs low, she used innovative strategies. Deandra enlisted the help of her students to clear out debris from the property, reducing the need for hired labor. She also furnished the home by purchasing furniture from thrift stores or through online platforms like Craigslist.
While the renovation process was not without its challenges, Deandra successfully turned the property into a comfortable and inviting home. Through her hard work and resourcefulness, she was able to create a beautiful living space despite the limited budget.
Deandra’s experience highlights the opportunities and challenges associated with the DLBA’s programs. On one hand, these initiatives provide individuals with the chance to become homeowners at incredibly low prices. On the other hand, the buyers are responsible for renovating and occupying or demolishing the purchased properties, which can be a daunting task. However, with determination, creativity, and community support, it is possible to transform these properties into livable homes.
The story of Deandra Averhart’s successful renovation project provides inspiration to others who may be considering purchasing low-priced properties in Detroit. It demonstrates that with careful planning, resourcefulness, and community support, it is possible to create a comfortable and affordable living space.
In conclusion, the Detroit Land Bank Authority offers publicly owned properties in poor condition at low prices, allowing individuals like Deandra Averhart to become homeowners at minimal costs. Despite the challenges these properties present, innovative renovation strategies and community support can transform them into livable homes. Deandra’s experience serves as a testament to the potential of these opportunities and encourages others to explore similar possibilities in revitalizing Detroit’s housing market.
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