If you are in a position that you can’t afford to purchase a home in the suburbs, fret not, for you are not alone. The disparity in the wealth gap means that we, the middle class, are no longer fiscally secure enough to make a large real estate purchase until much later in our lives.
This doesn’t mean you cannot afford a starter home. However, you also have the option of luxury short term rentals offered by DelSuites. Short term renting solutions may even allow maximum savings that will enable you to afford your dream home. if you are wondering what your options are you should consider the following most affordable types of homes.
Urban Lofts
You may have lost all confidence in this article at reading that heading. Yes, prime positioned urban lofts are stupendously expensive. What we are referring to are the conversions you tend to find in the renovated remains of less desirable areas. Avoiding anything posing an outright risk to your life, you can get a decent amount of floor space for a fraction of what one would expect.
Modular Homes
What does one do if you find a plot of land on sale for a steal, but do not have the funds to build a traditional structure? You assemble a modular home, of course. The idea might be somewhat new, with practical options only making their way to market in recent years, but a modular home is now a feasible, low-cost option. You can make additions as finances allow, starting as small as you need to.
Fixer-Uppers
There are always some dilapidated properties on the market. These eyesores tend to put one off immediately, but perhaps they are worth a second thought. Renovating a run-down home may seem like an excellent investment, both financially and in the amount of time, it will take. You will find that it is entirely possible to do the renovations needed in steps, enduring some of the discomforts while putting in place the essentials and building up from there.
MDUs Still Under Development
This is an option should you have a large enough lump sum to put down. Perhaps by way of an inheritance or a nest egg, you may have the funds available to make a purchase, but not to maintain a long term bond repayment. In this case, a new MDU development is an excellent option for you. MDUs or multi-dwelling units are usually funded by early investment. If you buy in before construction starts, you will pay a fraction of the final market prices.
Property Auctions
It may seem a bit opportunistic to home in on someone else’s house just as they are busy losing it. It is just a reality of our economy that people default on payments, and banks repossess the property. Depending on demand you can get some incredible deals in this way. Banks usually only seek to recover the outstanding amount on the original owner’s bond, so you could see yourself purchasing a property at merely the price of a year or two’s premiums.
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