Afford a New Home and Financing

If you are single or live on a small income and wonder how you will be able to buy a new home with financing, you are not alone. Despite the recent surge in house prices, home ownership can still be achieved, whatever your income. To learn more about buying at the beginner level, read on to find out how you can buy a new home and finance costs.

Start Saving Now – Yes, right now, put some money in your savings account. While it’s important to pay down debt, prospective home buyers are more likely to get into home ownership faster if they start saving for a down payment sooner rather than later. Set a feasible goal for saving and start socking away your money now before you spend it on movie tickets or a dinner out. Remember, the sooner you start saving, the faster you’ll get into your home.

Get in the Market Now – If you’re holding out until you can afford a four-bedroom house, but you can afford that 2-bedroom condo right now, you may be hurting yourself in the long term. Remember, as you pay off that smaller home, you’ll be building equity that you can put toward your next purchase instead of giving it away to a landlord. As the housing market is currently experiencing a downturn, you could also find yourself in a position to afford more than you could at this time last year.

Lower Your Expectations – Most homeowners don’t walk into their dream home on the first try. It takes years of building equity and moving up through the housing market to achieve that dream. Sometimes, making the leap into home ownership means lowering your expectations and facing the reality that you’re not going to hit the jackpot the first time out of the box.

Relocate – Sometimes breaking into home ownership is about being willing to move down the street. While suburban or rural living isn’t always ideal for city workers, it often means reduced housing prices.

Put in Some Work – Along with lower housing costs sometimes come lower standards. If you’re purchasing an affordable home in a desirable neighborhood, you’ll likely have to invest some elbow grease into the deal. So, get your paint brush and be prepared for a little work.

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