Owning Your Own Home: Budget Buying Options To Consider
If you want to stop renting but also have a low budget to work with, you still have some options to consider. You may not be able to afford the move-in ready single family home with a fenced backyard that has become the American ideal, but there are several other options that will provide you with a quality living situation while allowing you to buy within your budget.
Here are some non-traditional home ideas to consider instead.
New Mobile Homes
Many people shy away from the idea of buying manufactured homes, but the reality is they are not the same as they used to be. New mobile homes have beautiful, large kitchens, generous living spaces, and well-designed storage with nice finishes. They cost less because you don't have the expense of a basement or foundation for the home. You can place a mobile home on a lot in a mobile home area, or you can buy your own land and put the home there as well.
Not all mobile homes are designed the same way. For example, some manufactured homes can be placed over a basement if you eventually want to expand your home as your budget increases. You might be surprised how affordable and accessible mobile homes are for your lifestyle. Mobile homes for sale can meet a lot of your needs.
Townhouses provide the feeling and square footage of a house without the same price tag. The reason: They cost less to build. They have two fewer sides to finish, and they share foundational work with other homes in the row. Many town homes come with attached garages and basements for storage. You won't have a large backyard with a townhouse, but many communities offer nearby parks and walking trails that are maintained professionally and enjoyed by all. That's another budget benefit of the townhouse: You have fewer yard maintenance expenses.
Shows on home improvement channels have made fixer uppers vogue, but they are a lot of work. They can even be hard on a budget if you are not careful. However, if you work with a real estate agent and a contractor to find a home that needs updates, you can get a home improvement loan and build equity as you bring the property back to life. Move-in ready homes do come at a premium, and since fixer upper houses can be hard to sell, you can get a deal on the purchase price.