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Simple Tips To Make Home Ownership More Affordable

The average American family can’t afford to own their own home, according to Marketwatch. Property prices in The States rose by 20% between July 2020 and July 2021 and are still rising now. You may think this means that you and your family are stuck renting for the foreseeable future, but that’s not necessarily the case. Follow these tips and you’ll get the keys to your dream family home in no time. 

Negotiate a better price

32% of recent home buyers paid $50,000 or more above the asking price, states Fortune. But there’s really no need to do this and you can even negotiate a lower price. The key is to do your research. Find out how quickly the buyer wants to move, whether any other people are interested in buying the property, and how long the house has been on the market for. This should all make it easier to get the price dropped. It’s also worth having your finances, such as your mortgage, approved and ready to go. Many sellers prefer to sell to someone who’s ready to get the ball moving right away, even if it means accepting less money.

Mortgage alternative

Mortgage applications have fallen multiple times this year, according to Trading economics. Fewer people are applying for traditional mortgages as they know they won’t qualify for one. There is however a good alternative to traditional mortgages which means you’ll still be able to own your perfect home. A home purchase loan is a type of loan where the seller of the property financially helps you. This can take many different forms and you and the seller will agree on a payment plan among yourselves. Effectively, the seller becomes your mortgage provider and you pay them back on more favorable terms than a standard mortgage.

Downsize & save

Between January and September 2021, average rental costs in the U.S. rose by more than 16%. Renters are now paying more than $1,300 every month for their home – this is more than the typical monthly mortgage repayment across the country. Considering you need at least a 5% down payment for your dream property, this is a lot of money to throw away each month. While you’re saving to buy your new home, consider downsizing to a smaller rental property in a cheaper location. As a general rule, the fewer bedrooms a property has and the smaller the total square footage, the lower the rent will be. Large cities and towns are also more costly to live in, so try to avoid these where possible. Moving your family into a 2-bed apartment may not be ideal. But remember it will only be for a short period of time and at the end of it you’ll all benefit from your lovely new home.

Property prices are rising substantially at the moment. But these tips can be used to help finance your dream home, no matter how much it’s listed for.

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