Options That can Make a Home More Affordable for First-Time Buyers
65If you are tired of renting and putting money into the landlord's pocket each month and want to buy a home, but do not think you can afford it, there are options that can make a home more affordable. One thing that first-time home buyers should consider buying is smaller homes, fixer-uppers, and cheaper commutes to work.
Although affordability is the number one concern for first-time home buyers, eighty-one percent consider move-in conditions to also be important. There were only seven percent of first-time home buyers that were even considering fixer-upper homes. If a first-time home buyer was a home that they can afford they should consider the option of purchasing a fixer-upper home.
In past times, first-time home buyers were willing to buy the older homes, but now they want to buy newer homes. They do not want to have to worry about repairs or doing any type of work to fix up an older home.
Approximately seventy-one percent of home buyers want a larger home, but when it comes to affordability, they should consider a condominium, townhouse, or smaller single-family home. The reason is that there is smaller square footage and smaller footprint.
- Before Buying a Home, Consider These Six Things
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Being close to where they work was also an important consideration for forty-one percent of first-time home buyers. With higher gas prices being closer to work is why this is an important factor when deciding where to look for a house to buy. Unfortunately, houses that are near workplaces cost more because of that very reason. If you buy a house farther from your workplace, you can check into carpooling, or getting a car that is cheaper on gas. If at all possible, consider public transportation.
When you start looking at houses to buy, take the time to look at several houses. Instead of looking at five houses, look at least twenty houses. This will give you more of an opportunity to find the house that you can afford. Look for houses that have been on the market for more than sixty days because by this time, many sellers are anxious to sell and you could negotiate a good deal to make the house affordable.
If you do decide to look at fixer-upper homes and older homes, make sure that you get them inspected before you sign the contract. These types of homes can have major repairs that need to be done, and these can be more than you can afford to spend.
Before you even start looking at houses, you should have an idea of how much you can afford to spend a month.
