How to Find an Affordable House For Your Family

Thanks to a fairly recent boom in the housing market, home prices went through the roof - and despite recent depreciation across the U.S., home values still remain high. This makes getting into an affordable house difficult for first-time home buyers on a tight budget.

However, there are options and if you want to learn how to buy an affordable house that you can actually afford, keep reading.

1. Go for Foreclosures or Short Sales

While foreclosure and short sale homes are often in disrepair thanks to neglect or vandalism by the evicted previous owner, they can often present a great bargain opportunity.

Provided you're willing to put in some work, foreclosure and short sale homes can often be easily fixed up with little more than cosmetic renovations.

2. Don't Bite Off More Than you Can Chew

Just because you're buying a home for a cheaper price, doesn't mean you should settle for one that's not in livable condition or in need of major repairs.

An affordable home purchase can quickly devolve into a money pit once you start looking at foundation problems, zoning issues, and electrical or major plumbing work.

Before you invest your hard-earned money, have the home fully inspected. If you plan to take on renovations, have your contractor look over the home as well to give you an estimate of your potential costs.

3. Relocation is an Option

Location is the primary driving force for home values. For example, a simple 3-bedroom house in the expensive San Francisco suburbs could cost you over a million dollars. Meanwhile, that same home in Texas or South Dakota may unbelievably be valued as low as one hundred thousand dollars.

If your career and your family allow you the freedom to relocate, you could find yourself with a substantially lower cost of living. Many websites offer relocation calculators that let you input your current salary, job, present location and your relocation destination. From there, you'll be presented with estimates about your potential change in earnings along with the rise or downturn in your cost of living.

Buying an affordable house is possible. If you're willing to put effort and work into a fixer-upper, house hunt for foreclosures or short sales or relocate for a lower cost of living, it's all doable.

So, before you conclude that you can't afford to jump into the housing market, you should reconsider because you might find yourself in a home that you can afford sooner than you think.

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