Young couples who are about to tie the knot have a few things they wish to have. Some of them are the perfect wedding, financial stability, and a house they can call their own home. A perfect wedding is subject to the couple’s preference. It can be simple and inexpensive or a big one with a huge budget. Financial stability requires savings, a regular income, and insurance.
But having your own property can be very expensive. Some properties cost millions of dollars. However, there are other factors to consider, like if a property is in the city, in the suburbs, or on the waterfront. Just the thought of buying your own house can be intimidating.
There are other ways to build a happy home, too. Home rental has always been a popular option. Likewise, building a tiny home has been growing its following for a few years now. On the other hand, RV living is the cheapest alternative. But these might fail in comparison if you dream of buying your own home.
Renting a home is a temporary thing. You can lose your home if you lose your job or become incapable of paying monthly rent. A tiny house is good but might not be ideal if you dream of raising a big family. The same goes for an RV lifestyle.
The good news is there are ways for you to purchase your own home. These can be beyond the normal process, but these are open and helpful options for young couples. You can also get the services of good real estate agents. Once you find a home, you can also get the services of the best home insurance companies available. This way, you start your marriage right and start strong by having your own property.
Here are ways to buy an affordable house:
1. Short Sale
This happens when a homeowner can no longer keep up with their payments. They meet with the bank to sell the house at an amount they can afford. Then the bank agrees to accept less money than is owed on the home. Purchasing a short-sale home can be a good option.
A short-sale home is good for young couples and potential buyers because they can often buy the home for less than the market value. Banks may sell a short-sale home for 5% to 10% less than the original price or its current appraisal. You can either buy it fully furnished or do minor renovations and put your own appliances.
With a budget of $300,000, you can get a 1,500 square-feet home. This can include three bedrooms, two bathrooms, and a large backyard. A good real estate agent can also provide assistance;most real estate agents have a list of short-sale properties.
2. Bank Foreclosure
This often sells for very much less than the actual value of the property. The typical reason is that a bank takes ownership of a home and wants to get it sold. Not just at any given time, but they get it sold as fast as possible. This means anyone can buy a bank foreclosure home at a very low price.
For only a budget of up to $110,000, you can buy a 1,400 square-foot home. This can include three bedrooms and two bathrooms, and can either be in a city or on a waterfront. Real estate agents can also help you find a bank foreclosure home.
3. Distressed Property
There are two kinds of distressed property. One is physical distress. An example is a run-down house that needs a lot of fixing. Unfortunately, a major renovation can be costly, and the owner does not have the money for repairs. As a result, the property owner is willing to sell it to anyone who can do major renovations.
The other kind is financial distress, which happens when the homeowner fails to pay their loans on time. Personal and financial problems can cause this. Hence, the owner is willing to sell the property at a discount.
A distressed property has no estimated price, buta good round of negotiations may find you a great deal.Finding one involves driving around the neighborhood, knocking at their doors, and having a talk with them. If the property is distressed, they will show you why they want to sell it. You might just be the savior they are looking for.
Buying a property does not have to be expensive. There are many options and ideas that can help. Of course, you need a sufficient budget. But with smart planning and knowledge about the real estate market, you can close a good deal and live in your dream home at an affordable price.