Single Parent On A Budget And Need A Home? 2 Ways You Can Save Money
If you are a single parent on a budget that needs to find a home for you and your family there are ways you can save money. This will allow you to get into a home that you like and still have some money left over to buy furniture. Below are two of these ways so you can get started finding your home.
Foreclosure
You can purchase homes that have been foreclosed for less than a home that is sold by owner. When someone does not make their house payments the owners lose the home. A bank purchases the home and then puts it on the market. You will also hear foreclosed homes referred to as real estate owned (REO).
There are different ways you can purchase a home that has been foreclosed. The easiest way is to contact a real estate agent in your area. They can help you find these homes and help you through the entire process. This will make things go much easier for you.
Another way to find and purchase a foreclosed home is by going to public auctions. Banks put up the homes they have through auctions so they can sell them much quicker. The real estate agent should know where there are auctions held, and how the process works.
Make sure you get pre-approved for a home loan before you start looking so you know what you can afford.
Rent to Own
If you cannot afford a home right now you can find one to rent to own. With this, you make rental payments and have the option to purchase the home in a few years. The difference between this and a regular rental is some of the rent payment you make each month is put towards a down payment for the home.
One thing to consider with a rent-to-own home is if you do not end up purchasing the home. This is because you would lose the money that was put towards the down payment and you would likely have to pay some fees. Make sure you look into this closely to ensure it will work out for you. If you know you will stay in the home for a few years then this may be a good option.
Your real estate agent can give you information about rent-to-own homes and help you find them in your area.
It will likely take you longer to find a foreclosed or rent-to-own home but the wait will be worth it.
