3 Simple Ways to Afford a House in a Great Neighborhood

a house

Everyone wants to live in the home of their dreams. For many, this means buying a big home in a great neighborhood. Unfortunately, this goal appears out of reach for some, given that home prices in the best areas can be astronomically high.

However, you can still buy the home you’ve been yearning for in a fabulous neighborhood if you follow these tips from Rodrock Development.

1. Avoid fixating on one neighborhood.

You may be sold out in a particular neighborhood, but there are still several other neighborhoods that will work even better for you if you keep an open mind.

Buying a property from one of the reputable home builders in Olathe, for instance, may open the possibilities of a more spacious home at a lower price. Plus, you get to enjoy excellent amenities, better schools, good public transport, and much more.

2. Take advantage of first-time buyer programs.

Ideally, lenders will want you to pay 20% of the home’s price while applying for a mortgage. If you are set on buying a home in one of the very expensive real estate markets, that could mean giving up years of your salary.

Explore programs that can help you out. For instance, FHA, Freddie Mac, and VA can back your application, so you pay a much lower down payment or none at all.

3. Downsize your lifestyle.

As you plan to buy your dream house, consider cutting back on your expenses for a while and putting as much money as possible into your savings. Committing to saving $10 every day by carrying packed lunch to work, for instance, translates to almost $11, 000 in just three years.

Moving into a studio from your current two-bedroom apartment will also save you a fortune during the same period — this is money you can put toward your dream house.

You can buy a house in a fine neighborhood if you are set on it. The trick is to make a few adjustments in your lifestyle, be flexible on location and take advantage of programs designed for you.