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Four Ways To Make Home Buying Affordable

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Home Purchase BasicsThe market today is not as flexible as it was ten years ago. Here are a few of the ways that you can make home buying affordable that might be useful, if you are open-minded.

Thinking Creatively On The Urban Frontier

As the economy changes and populations flow from one part of the country to another there is a contrarian strategy of moving to cities that are shrinking and losing industries. Houses lose value in these regions and often end up abandoned. Some people have tapped into this trend and been able to live in larger houses than they would have dreamed of in other regions.

The mid-western cities of the Rust Belt are examples that have recently been attracting adventurous souls. You might feel like you are homesteading on a frontier town but if your income isn’t tied to the industries that pulled out you are at a distinct advantage and you may ultimately find yourself a respected member of a reformed re-growing future community.

Do you think you can live in as little as eighty square feet? That is what adherents of the tiny house movement are doing. Having a tiny home drastically reduces the budget and can be rewarding for some people. If you can live on a boat, you can probably tolerate a tiny home quite well.

The Great Tradition Of Creative Financing

In the last forty years there have been many books written on the subject of creative financing. Regardless of if you have cash or not there may be a situation in which creative financing can make a deal work. It might take a very large number of leads to yield a result. That means you will need to be prepared to speak to a lot of owners before you find the right one. The most accessible creative financing is often available through government-backed loans. If you haven’t yet looked into this yet, you should do.

The Worst Fix Up Candidate In The Best Neighborhood

Ready for a lot of hard work to get a discount? To get the most out of refurbishing real estate you should speak to a realtor about the numbers involved. Generally it works like this: The full value for property in the neighborhood less the discount and the cost to refurbish will give you the price range that you should offer to purchase a fixer-upper in its present condition.

Navigate Save And Then Buy

OK so some of these aren’t appealing or just seem off the wall or unusual. Wherever you go, there you are, as they say. So to get where you wish to go you have to determine where you are presently in relation to that destination. There is much that you can do to work it out on your own but it never hurts to get a professional opinion.

See where you are by getting organized, pull your reports and then find out what you qualify for. Consider adjusting your desires or make a plan to get to where you need to be financially to make an offer on the property that you actually want. Most likely there is a solution somewhere in the middle; one that is realistic but you have to compromise a little and stretch as well. That way, you can have a home that doesn’t involve you homesteading in a warzone.

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Trace Richardson has written 638 articles on BankChirp.com

I'm Trace Richardson and am the founder of LeadPress. I’m a licensed California Real Estate broker and a former equities trader previously holding the Series 7, 63, 55 and 24 securities licenses.

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