10 Tips to Buy Real Estate Without Breaking Your Budget

1. Get pre-approved for your home loan. This means, fill out a loan application and go through the process of securing financing.

2. Explore creative financing options. During the home loan pre-approval process, ask about ways to get creative with your financing.

3. Sell your existing home first. Although selling your existing home before finding new real estate to buy can be a little nerve wracking, any inconvenience will be offset by your ability to make an offer with cash in hand.

4. Look for vacant real estate. Perhaps a seller’s job has transferred him out of the area. Or maybe a family purchased a new home before putting their existing one on the market.

5. Consider cosmetic fixers. If you’re handy with a paintbrush, a toolset and gardening equipment, consider buying real estate in need of cosmetic fixing.

6. Buy a home that’s a major remodel project. If you want to live on Lake Washington, but can’t afford a $2M home mortgage, consider buying a dilapidated cottage on a fabulous lot with western exposure.

7. Don’t discount bank foreclosures. One person’s loss could be your gain if you buy real estate in foreclosure. Although the search for a decent foreclosure may take a while, your realtor should be able help.

8. Land with a manufactured home. Sometimes, to buy a home on a budget, you need to look beyond convention.

9. An older, smaller home. Older homes are typically priced much less than newer construction and don’t tend to create buyer bidding wars

10. The cheapest house in the best neighborhood. You have your heart set on a specific – and expensive – neighborhood.

Buying real estate without breaking your budget will require research and compromise. On moving day, however, you’ll have the satisfaction of knowing that your homework paid off!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s