A home purchase is a relatively expensive venture for most people. Many people save for years and years before they can afford a home. Consider the following tips if you have saved for a long time, but it still seems to you that you cannot afford a home.
Consider a Fixer Upper
An upper fixer is a property that requires a little repair or renovation, but you can also live in it as it is. Maybe a few shingles on the roof have curled, the wooden flooring is squeaky, the paint is peeling, and a few windows are broken. Upper fixers typically fetch lower prices than comparable houses that don't require renovation. If you get a good upper fixer, you can buy it at a good price, move in, and take care of the repairs bit by bit.
Change Your Criteria
There are cases where you might think that you can't afford 'any' house while, in the real sense, you are just looking at the wrong houses. In such cases, reevaluating your home purchase criteria may help you afford a house. Maybe you wanted a four bedroom house in the most sought-after neighborhood in your city. In such a case, you may be able to afford a three-bedroom house in an average suburb.
Consider Home Purchase Assistance Programs
Various home purchase assistance programs help people with low incomes to afford houses. Some of these programs are aimed at specific demographics, such as military veterans. Go through the programs and understand their prerequisites so you can apply for those you qualify for.
Consider Unique Homes
Unique homes are homes that do not fit the description of an 'average' or 'standard' home in the country. A home can be unique because it is constructed with recycled materials, it is relatively tiny, or it is built in a unique shape. Many of these unique homes are attractively priced because they don't have many buyers or they may have challenges that standard homes don't have. Find out the unique features of these homes and buy one if you can live with the challenges.
Opt for Joint Ownership
Another option is to buy a home jointly with another person. The other person can be a relative, friend, business partner, girlfriend or boyfriend …anyone with whom you can have an agreement. For example, you can buy a joint two bedroom house so that each of you gets a bedroom. One of you then buys out the other when their financial situation improves.
Contact a local real estate agent to learn more.Share
15 May 2019
Have you recently found out you’ll soon be moving to a new location? Perhaps, your employer is transferring you to another branch of the company in a different city. Or, you may need to move near a family member in order to take care of him or her. Regardless of your unique situation, you might worry you won’t be able to find a wonderful place to live in your new city on your own. Consider hiring a reputable real estate agent to help you with your house search. This professional should have in-depth knowledge about your new area. On this blog, I hope you will discover the many advantages of hiring a real estate agent during an unplanned move. Enjoy!