Buying a house on a limited budget can be difficult, but it’s not impossible. By following these three simple steps and keeping a few things in mind, you can be on your way to buying your perfect home quickly and effortlessly.
There are a number of advantages to buying a house as opposed to renting, so these steps will help you become an owner instead of a renter in no time.
#1: Know what you need.
Take some time to evaluate your needs, particularly on the number of bedrooms and bathrooms, and overall square footage. If you have a dog and need a fenced-in yard, add that to the list. Once you’ve made your list, go over it to make sure that everything on it is a valid need rather than a want. It’s important to keep this in mind as you are buying a house that you will be able to upgrade things like appliances as can afford it.
#2: Know how much you can afford.
Establishing a budget is by far the most important step in determining exactly how much house you will be able to buy. When buying a house with a small budget, you want to make sure that you’re going to be able to afford it once you move in. Consider all your current bills including debts and do your research to determine how much you can expect to pay on your new house.
#3: Search high and low.
Once you have your list of needs in one hand and your budget in the other, it’s time to begin searching for your perfect house. Going through a real estate agency such as this one can be helpful because of their connections with the real estate market. This can also be helpful if you are a first-time homebuyer who is unsure about the home-buying process.
However, to help yourself save money, you may consider some routes other than the traditional rout of a real estate agent, such as short sales, foreclosures, land contracts, or homes that are for sale by owner. Many of these homes sell for less because they have been foreclosed on or are in danger of foreclosure, but they are often also damaged or may have other underlying issues. It’s always important to make sure that you have a house thoroughly inspected before agreeing to anything.
Your real estate agent can help you find these deals if they know you are willing to consider them.
Another thing to keep in mind as you search is that location is key. While it is possible to find a nice house for a great price, if it’s in a bad neighborhood, it’s probably best if you keep looking. While you should be prepared to compromise some on the size of the house, don’t compromise on the safety of the neighborhood, especially when your children are involved.