In the current market situation where recession has affected everyone (some more then others), the real estate market is no exception. Whenever someone hears the word recession they automatically associate it with bad news. That is not always the case as sometimes due to a recession there are some great opportunities made available especially in the real estate market. Following are some of the ways by which you can easily finance the buying of your house
The fixer upgrade
This is when you cannot afford the dream house that you want and you settle for less and use it as a stepping stone to get the dream house you always wanted. For example say that the house that you want to buy costs $300,000 and you don’t have the required money right now so what do you do?? . You buy a house that is slightly run down and pay a down payment of lets say like $8000 on it. Then you can rent it out and the rental income you earn can be used for repairing the house and then once the repair work is complete you can sell it for a healthy profit! , and you are one step closer to buying the dream house you always wanted. Be advised this is not for impatient people to save the money you may have to do some of the repairs yourself, also keep a sharp eye on repairs because if the repairs eat up the profits then it wouldn’t turn out to be a profitable venture.
The friendly option
Another option is to buy a property with a friend relative someone who you can trust and then sharing the title of the property and the mortgage with your friend or relative (this is also known as join tenancy). This would ensure lowers costs for you and you can even earn some income for example you cant rent out a room of your apartment or your house to cover costs. Be advised though this form of ownership has differs legally from state to state and in some states the partner in the property can sell the house easily without even informing the other partner(therefore trust is very important) and the repairs and other maintenance costs are equally shared.
Living with the Family
Although this may sound nerdish but once I’ve made my argument I am sure I can convince you that this is actually a pretty viable option. Lets say that you have some debt to pay off and in the current marketplace with increasing living costs and the volatile economy you just cannot pay the credit card bills you owe(as all your money is spent on maintaining your lifestyle) and they have accumulated to more then $30,000 now what to do?. The answer is simple move in with your parents, explain to them the situation you are in and they may be able to offer you a place to stay and in this way you can save your rent and use it to pay off that credit card bill of your and even save enough money to put in a down payment on that apartment you always wanted!