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Ten Strategies to Purchase an Affordable House

You can find a quality house at an affordable price. Doing so, however, may take some work. Determine what you can afford and then learn about the housing market in the area you want to find your house. You may have to make compromises. You may have to sacrifice some amenities. You may have to adjust your price target. You may have to go bigger or smaller. Above all, you must be patient. Here are some proven strategies to meet these goals:

  1. Consider a house that needs light to moderate repair work at a low price.
  2. Look for a small house that you can envision adding on to in the future.
  3. Hit the estate and probate sales where the property is for sale.
  4. Attend foreclosure sales and find a good house at a potentially reduced price.
  5. Pool resources with another person, either as co-tenants or giving the other person a share in the equity of your home; this could be a parent or grandparent, or someone else who can help you purchase a home.
  6. Look for a property where you can set aside a room or two in the house that you can lease to supplement your mortgage.
  7. Buy a duplex, triplex, or house with an in-law unit where you can rent out the unit(s) you will not inhabit.
  8. Lease a house you can afford to lease but cannot afford to buy yet, with an option to buy later.
  9. Apply for a program to buy a limited equity house built by a nonprofit organization, if you can qualify for the program.
  10. Purchase a house at an auction.

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We represent clients in the following areas (and around all of Minnesota):