Many people make the words affordable housing synonymous with “Low Income”. As our economy changes, the faces of those in need of affordable housing are changing too. We’d like to share some suggestions on ways we can individually all create more affordable housing for hard working Americans that deserve to a great place to call home and to even own their dream!
HGTV has redefined the possibilities that rehabilitating or renovating can yield! In everyday life, it may not be as easy as TV makes it look, but the results can be just as real! Renovation opens possibilities that previously may not have existed for both buyers and investors. Consider purchasing properties that can be renovated and re-sold. Consider a purchasing a home that you will live in that needs minor renovations. Ask a great loan officer about renovation loans to finance the repairs into you mortgage.
Any house that was financed, and the borrower could not repay can become a foreclosed property. This does not mean that the location or condition of the property is inferior to normal market conditions or locations. Many homes in foreclosure have some type of equity in the transaction. The investor/owner of the mortgage does not intend to retain the asset, so they re-sale it to recoup their losses. This can create an opportunity for a buyer to gain a property under market value, or at least one with future appreciating potential. Consider purchasing a foreclosed home!
There is a saying in real estate, “Drive until you can afford it!” The more rural an area is, the more affordably priced homes can be. In some areas, you don’t have to be significantly remote to find affordability. Consider moving outside the city limits/county line where there are less street lights, and lower property taxes!
There is a reason the north east has so much multifamily housing. For some to afford their home and the property taxes, they had to have help paying for it! For decades families have purchased properties that had 2-4 separate units in them. They lived there and charged rent to a tenant. This can reduce expenses while a mortgage exists, and in the future, can serve as stream of income. Did you know you finance the conversion of a single-family home into a multi-family home? Talk with a loan officer today that can provide you with information.
The key to gaining affordably priced homes is to find ways to save money in home purchases, finding great value for your dollar spent, and have vision for future values to come. For more information in buying or selling your next property with an advantage, please contact us at 888-362-1706.
Morton Malloy Realtors