After the housing crisis of 2008, most homes on the market were being sold rather cheaply. However, naturally, over the years, the market has become more reliable and, as of recently, become red hot. This may be great for real estate agents and homeowners but not so great for homebuyers. Therefore, the following list includes various ways to afford a home during a hot market.
House Hacking
One of the most common situations home buyers find themselves in is looking at a home they want only to find out that they simply can’t afford it. However, with the right eye, anyone can begin to apply a few house hacking techniques in order to afford their dream home. A very popular hack is to purchase a home that has a large basement with access to the outside. Purchasing this type of home can allow you to upgrade and rent out the basement. This can provide you with a significant portion of your monthly mortgage, thus allowing you to afford your dream home.
Buy a Fixer-Upper
When a real estate agent mentions that a home is newly remodeled with furniture, include this might be an indication that it’s going to cost you an arm and a leg. Instead, look for a fixer-upper. Not only can you add your own personal touch, but doing much of the work yourself can save you a ton of renovation money. Some home renovation costs can add up quickly, so you should be prepared and know what you are getting into. Always prepare both a written budget and a plan of the things you want to add. This will ensure that there is no guessing during construction and that you know exactly what you are spending each and every day.
Online Shop
There are a lot of online sites that include up to date information on your local market. Use these resources to window shop for your dream home without having the pressure that you need to commit right then and there. This will allow you to get a feel of the market before venturing out with a real estate agent.
Navigating a hot housing market can be daunting and downright frustrating. However, with the right planning as well as keeping your options open, it can be done. Utilize the information above the next time you’re house shopping.
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