Posts tagged ‘Home Buying Tips’

Creative Real Estate Purchases

If you are looking to purchase affordable real estate, there are many creative ways to find great properties. Some ideas are very common, others not so much.

The choice is up to you, but regardless of your method of finding a home to buy, make sure you save money. Lenders will definitely want to see a substantial down payment before approving homeowners for a loan.

Consider:

  • Finding a fixer upper that is not in the best condition.
  • Buying a two family house that needs some work. Rent the one half out to a tenant, use that income to pay for all the repairs.
  • Move in with your/your spouse’s parents. Eliminate the cost of renting a place and save for a down payment on a house. In today’s market, even previous homeowners with great credit are required to put down around 20% of a home loan, much different circumstances than during the housing boom of a few years ago.
  • Open up a high-interest savings account. Come up with an amount that you will have to deposit in that account every month, and use that towards a down payment.
  • Look into listings of foreclosures. If projections are accurate, foreclosure listings will be on the rise over the next year.
  • Consult with a real estate agent to find a home.

October 9, 2008 at 11:05 am Leave a comment


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