Friday, February 10, 2017
Real Estate Tips: What to Do When Your Dream Home is Beyond Budget
If you are currently on the market for a new home, you may have realized that the properties you’re interested most carry a bigger price tag than what you have in mind. Though it can be disheartening, don’t lose hope yet—a few tricks maybe all you need to make that dream home yours.
Work out the best mortgage for you instead of just blindly settling for a 30-year fixed mortgage
There are as many mortgage rates as there are providers. Instead of the usual 30-year fixed mortgage, you might want to learn about other options such as an adjustable rate mortgage that spans five, seven, or even 10 years. Today’s millennials would be better off picking the latter option.
Look into financial assistance programs to help you get the home
Most real estate buyers today would be selling their home in less than 10 years. Choosing a loan type that considers this detail can result in lower upfront payments. You can also look into non-typical private mortgage insurance options, such as having it paid by the home seller or even the lender. This can help you achieve lower monthly payments, so it’s definitely worth looking into.
Negotiate with the seller with professional help from an experienced Realtor
If you don’t try to negotiate, you’ll never know how much you can lower the price further. A seller may be in a rush to dispose of the property due to a move, a financial need, and so on. Haggling smartly is a great way to help you afford your dream property. If it presents too much of a challenge, you can always work with an experienced Realtor who can negotiate expertly on your behalf.
Is Your Dream Home Out of Your Price Range? There's Hope Yet, Realtor.com