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Buying a Property on a Tight Budget

Sep 21, 2014   //   by mecadmin   //   blog  //  No Comments

Home ownership seems like an unattainable dream when you are earning moderate to limited income. You might even feel apprehension with regards to mortgage and the actual cost of realty in the market before jumping into buying a property. However, there are many options you can consider if you are a low-income earner dreaming to become a home owner.

 

A Tight Budget Means Making Compromises

Properties located on more desirable areas with busy thoroughfares’ and near school areas may cost more than properties a mile away. Of course if you have a child that needs to be close to school then it’s a must have. But if you don’t, then you will more than likely find a more affordable property outside the school zone.

Make a list of what you must have versus those that you can live without. You might be surprised how giving up a garage or spare room when looking for a property can make it more affordable and just right for on your budget.  

Patience as Always is a Virtue

Do not rush into buying a property. Make sure to prepare a size-able down payment before-hand. Avoid the costly private mortgage interest by making sure you have at least 20% of the down payment at a ready. Reduce the amount you intend to borrow and make sure to take some steps in improving your credit score if you need to. You can get a better mortgage rate if your credit is good and this will also help to reduce your monthly payments.

 

Buying a Property for Letting comes with Great Responsibilities

Thinking of buying a property based on its income potential? Consider what comes with it. Before being a landlord, you need to consider the responsibility that comes with the property.  If you can withstand sharing the space, taking some tenants in can help defray the costs. If you don’t want to share your space but still want to get some income; it might be a good idea to buy a property with a separate rental unit available.

Buying a property on a tight budget depends entirely upon your buying power. It might seem a difficult process but by establishing a criterion to work on and keeping your expectations realistic, it is possible. So do not be discouraged if ever you didn’t get your dream house.  You can always work extra harder and who know,  you will eventually be able to buy your dream home next time around.

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