Creative Ways to Own a Home
By Summer Banks
Photo: © Karen Roach / Dreamstime
If you are struggling financially but still want to own your own home, there are a few creative steps you can take to achieve your goal.
Start with a fixer upper. There are many houses out there that are in need of repair, and these houses are generally lower in cost.
|
So if a fixer upper is what you can afford, invest in it. Just be careful not to buy a home that needs more repairs than what you can make in potential profits when reselling it.
Another option for getting affordable housing is buying into a place with shared ownership. There are different options for this type of ownership, but the most common is called "tenants in common." Although this option will be less expensive, it can have legal and financial complications. Selling restrictions and other conditions may also be involved.
If a TIC is an affordable option for you but you want to avoid all of the legal hassles, try buying into a property with a trusted friend. You and the friend would share the mortgage and the title. This is the way that most married couples hold property. Be aware that some states do not require one tenant to notify the other when selling the property. |
