Choosing Affordable Homes
To find a good house at a comparatively reasonable price, learn about the housing market and what you can afford, make some sensible compromises as to size and amenities and, above all, be patient. Here are some proven strategies to meet these goals:
Buy a fixer-upper for cheap.
Buy a small house (with remodeling potential) and add on later.
Buy a house at an estate or probate sale.
Buy a house subject to foreclosure (when a homeowner defaults on his mortgage).
Buy a shared equity house, pooling resources with someone other than a spouse or partner.
Rent out a room or two in the house.
Buy a duplex, triplex or house with an in-law unit.
Lease a house you can't afford now with an option to buy later.
Buy a limited equity house built by a nonprofit organization.
Buy a house at an auction.
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