Last Updated on February 17, 2021 by Maggie Sutton
Living in a home that fits your needs plays a significant part in your home life happiness. If you live with loud roommates, in a low-performing school district or even rent from a lazy slumlord, then you already know the misery that these compromises can cause. These compromises might even be the reason you are looking to buy a new home right now. Good news is you’re not alone. According to the latest US Census, 50% of people buy a new home to improve their home life situation. So if you are ready to make this change for the better, we will walk you through how to buy a house that fits your needs.
Want to Live in a Better Neighborhood?
If you are looking to move into a better neighborhood, you will benefit from less crime, better schools and well-maintained parks and trails. Better neighborhoods are desirable among most people, even more so among households with children. But just like everything else in life, nicer things come with a higher price tag. Home prices and property taxes in neighborhoods with better parks and schools are going to be much higher. However, if want to buy a house that fits your needs of a better and safer neighborhood, there are ways to make it fit in your budget.
Here is What You Need to Do
- – Find a better neighborhood with low crime rates using NeighborhoodScout
- – Find a better school district using the The U.S. Department of Education’s School District Demographics System (SDDS).
- – Once you have identified the neighborhood you would like to buy your new home in, research the home prices in that area
- – If the price ranges seem out of your budget, use this tool here to prioritize your new home’s amenities. Eliminate the less important amenities or identify money saving substitutes to make your new home accommodate your budget.
Tired of Renting and Want to Own Home?
There are many reasons to why trading in an apartment lease for a mortgage payment is so appealing. None more common and sensible than to start investing in your financial future by building equity. Unfortunately, many people are hesitant to pursue homeownership because of credit history or even the daunting thought of increased expenses and responsibilities. Although these are legitimate concerns, they should not hinder you from pursuing a brighter financial future through homeownership. If you are tired of renting and homeownership is important to you, now is the best time to get started in the right direction.
Here is what you need to do:
- – Compare rent prices to property prices using SmartAsset. You might find homeownership is cheaper than renting in your area.
- – Compare the cost / benefits of homeownership– There is no way around the additional expenses and responsibilities that come with homeownership, but keep in mind that homeownership also comes with tax credits and luxuries that can equal things out. No matter whether you rent or own, your decision should reflect what is best for your individual situation. Although not perfect, the New York Times has a handy calculator that helps you analyze these pros and cons for making a better decision.
Need Cheaper Housing?
If you find that your monthly rent or mortgage payment is eating up the majority of your monthly income and you are sacrificing family vacations, retirement funds or date nights, things might be getting a little stressful in your home. Doing a little extra research can go a long way in saving you money to buy a house that fits your needs. We highly recommend you work closely with a real estate professional to help you through this research process. A Homes for Heroes specialist can walk you through the pros and cons of this decision and save you money, both selling and buying your homes. Unfortunately, there will be occasions where even the best realtor won’t be able to find you a property that you like, but that’s okay. There are other solutions. There are now many families deciding to build their own homes so that they can design a space that works well for them. Some like to work with architects and others opt to work with barndominium kits and build their very own barn. Thank goodness there are other options!
Research these cheaper housing opportunities
- – REO (real estate owned) properties. Many of these properties have been foreclosed on and are owned by a bank. Prices are much more negotiable due to the fact that they are a liability on a bank’s balance sheet and there is no emotional attachment from the seller. Foreclosed properties are often left abandoned and neglected for some time. So be prepared to potential invest energy in restoration.
- – Fixer-Uppers – If you have the time and patience to put energy into doing home renovation, buying a fixer upper can be a easy way to save money up front and build equity fast.
- – Properties Outside the City – Generally properties outside of major metropolitan areas and their suburbs are cheaper. Make sure you weigh out the time and travel costs if your work commute increases.
These solutions are all great money saving ways for you to buy a house that fits your needs. We recommend speaking to a real estate professional if you decide to pursue homeownership. You can speak with a Homes for Heroes specialist without any obligation. Sign up below or visit HomesforHeroes.com.