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Ideas

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Creative Ideas if you can’t Buy a Home right now

Nobody said you have to do this by yourself. This is the most common misconception people have, and it causes them to not invest in a home.  On the contrary, there are actually people there to help you every step of the way, if you want them.  As your Realtor, I will help you find the home of your dreams, and then we’ll have escrow, title, lending, and closing assistance.  After you buy, you’ll have the financial assistance of your homeowner’s insurance and hopefully you’ll purchase a home warrantee.  Here you’ll find some creative ideas for ways you can have a piece of the American Dream, but not overload yourself.

First of all, consider a partnership. If you do not have the full down payment, or if you don’t want the full responsibility of owning a home, this may be your best bet.  In a partnership you’ll typically split everything 50/50 with another party.  This can ease your financial burden as well as provide an extra set of helping hands when the going gets rough.

In addition, you may also have an interested cosigner. Many times, a friend or family member may be happy to cosign on a property to help you get the home of your dreams.  As a cosigner, the responsibility is only financial, and its only if you default on your payments.  Make sure that if you ask someone to cosign for you, you are diligent on your payments or you have a deal with services worked out for money with your cosigner.

Have good credit but a small income? Roommates may be your answer. There’s so many people out there who can qualify for a loan but never  bother to try.  Then there are others out there who just can’t qualify but are dependable for making payments.  Bring the two together

Also, think about sharing your investment and have co-equity with a few friends.

Sometimes there are even city programs to get you started. For example, the city of Costa Mesa has some wonderful programs where a buyer shares equity with the city in return for a down payment.  Contact me and I can tell you more about it!