The job of finding a new house that you can afford can often be extremely arduous. This is certainly a fact, should you be looking to purchase a residence or even if you prefer to rent a house of some kind. Luckily enough, there are a few things that you can do that will help you determine what you can and cannot afford and where you can look for affordable housing in your area.
Well, your first undertaking involves working out how much you can reasonably afford to pay for rent or a house payment every month. Start by looking at your monthly net earnings. Multiply this number by 30%. Now, unless you are currently under a great deal of credit card or other kind of debt, there is a good chance you can afford to devote that much of your net income to housing each month.
On the Lookout
After working out what you can reasonably manage in the way of a house payment or rent each month, contact local estate agents. Many estate agents happen to manage rental properties for independent landlords as well as sell people’s homes. Make sure to contact several different estate agents if you live in an urban area. In the larger cities, many estate agents base their territories within one or two specific zones of a city’s limits.
By contacting and chatting with several estate agents, you will start to get an idea of what kind of affordable housing is available in various neighbourhoods around that particular area. Estate agents can also assist you with the creation of a land contract or understanding the legal language included in a contract for deed.
A local government housing agency is another potential, alternative resource for inexpensive housing. While the quality of public housing can vary from one area to another, it is worth checking out, especially if money is not flowing too easily. Most agencies of this kind have certain qualifications you will have to meet in order to be accepted, including the amount of income you develop annually, the number of people who will be living in the housing unit, and whether or not you are presently employed.
Don’t forget and keep in mind that not everybody works through an estate agent to sell or rent their living space. This will mean that you should also want to take a look at resources such as newspaper classifieds and other local print publications. People with rental properties will often choose to place print ads, notably if they have only a few units that they’re dealing with.
One More option and Buying Outright
Together with your local newspaper, look out for weekly publications that let people place ads for purchasing and selling a wide variety of items. Many of these local publications feature low cost housing options in sections given over to apartment rentals as well as houses to rent or lease. You might also find some kind owners who will be willing to enter into a rent-to-own agreement that would allow you to in the course of time, to own your home.
If you have enough money saved and prefer to purchase a home outright, it wouldn’t hurt to have a little look into local foreclosure offerings. Many banks keep lists of properties they have foreclosed on recently and will offer them for sale at a reasonable competitive price. This is particularly true when a bank’s main objective is to retire the debt and not obtain a loss on the property. Depending on local custom, it should be possible to participate in an auction of foreclosed property at some location in the community, such as the local courthouse or probate office. Check out all that you can and keep your ear to the ground.
One Last Option and a Good One
Never undervalue the power of using those social networks out there to locate housing, which will be affordable and in your realm of possibilities. Just simply ask friends, family members, and co-workers if they know of anything, because they can often provide housing leads that you can investigate up on yourself, after work and at weekends. And as an extra positive bonus, they may even be in a position to help to provide you with a personal reference, and a great first time introduction to the landlord. This can be powerfully effective if your contact is on good terms with the party who owns the property.
Never be shy to ask for advice or recommendations if you’re thinking of buying a new house. Most people you know who have purchased homes are in most cases happy to offer their experiences and tips to you, and can help guide you through the whole process.
After it’s all been done and you’re standing in your new home, you’ll wonder what all the fuss was about!