If you can not afford a home for hundreds of thousands of dollars, but you want to get out of your Mom’s basement, off your friend’s couch, or out of your stingy landlord’s apartment, you CAN!
Many people are scared away from purchasing a home because they are under the impression they are going to pay hundreds of thousands of dollars, when in reality they do not have to.
There are three main routes you can go to find affordable housing:
1) Location, Location, Location!
The first route one can go to find affordable housing is to look in locations where housing demand is low. In areas where there is a low demand for housing, the buyer often has leverage come negotiation, and can score a much better deal than in areas with high demand.
In low demand areas, homes are often priced for a lot less than in high demand areas. The Buyer can always ask for more money off the list price and negotiate a winning deal through their REALTOR®. To find these low demand areas you will need to rely on the knowledge and expertise of your REALTOR®.
2. For the love of condos
The second route you can go to find affordable housing is by looking into condominiums. There are a plethora of condos that are under $200,000 and there are some under $100,000. When looking at condos in this price range, people often find that their mortgage payment is less or the same as their current rental payment.
Condos are also great for people that like the low maintenance requirements of a rental but want the benefits of homeownership. If you own a condo and you have a leaky faucet, you’re probably going to have to hire your own plumber to correct the issue, but your condo association often covers many other expenses. Depending on the condo, the association may maintain and upkeep the outside structure, the land, gardens, shrubberies, snow plowing, walkways, trash, common areas, pool, clubhouse, fitness center, and other amenities. Your REALTOR® will help identify what services and amenities the condo you are interested in comes with.
3) Manufactured Homes
The third and final route you can go to find affordable housing is to look into manufactured homes or what many people know as mobile homes. Manufactured homes come in many different shapes and sizes. People are often surprised by how nice many manufactured homes are and that many manufactured home parks come with many of the features of a condo.
In my practice of real estate, I have identified that most manufactured homes are located in a park where the home is owned but the land is leased. Like a condo, a manufactured home park may upkeep the park, the land, gardens, shrubberies, snow plowing, walkways, trash, common areas, pool, clubhouse, fitness center, and other amenities. Your REALTOR® can help you find wicked good deals on manufactured homes and can often do so for under $100,000.
I love helping clients buy and sell real estate because in the transaction, one size does not fit all, making every transaction unique. Many buyers are challenged with finding affordable housing and are uninformed of their options because they are not working with a quality REALTOR®. There is a housing option for you, whether it is in an affordable area, in a condo, or in a manufactured home and it is our job to find it for you!