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Writer's pictureChristal Marshall
Jul 28, 20232 min read

9 things to do before buying a home


If you can't afford to buy a home yet, here are some options you can consider:


1. Save for a down payment: Start saving money specifically for a down payment on a home. Cut down on unnecessary expenses, create a budget, and explore ways to increase your income to save more.


2. Rent-to-own: Look for properties that offer rent-to-own options. This allows you to rent a property with the option to buy it in the future. A portion of your rent payments may go towards the eventual purchase.


3. Shared ownership: Consider shared ownership schemes where you buy a percentage of the property and pay rent on the remaining portion. Over time, you can increase your ownership stake until you eventually own the entire property.


4. Co-buying: Partner with a friend, family member, or someone you trust to purchase a home together. This can help you split the costs and make homeownership more affordable.


5. Explore government programs: Research government programs for first-time homebuyers, such as FHA loans or down payment assistance programs. These programs often offer financial assistance or lower down payment requirements.


6. Look for affordable housing initiatives: Check if there are any affordable housing initiatives in your area that provide housing options at reduced prices or with income-based eligibility criteria.


7. Consider a fixer-upper: Look for properties that need some renovation work. Buying a fixer-upper can be more affordable, and you can gradually improve the property over time.


8. Explore alternative financing options: Research alternative financing options like crowdfunding or peer-to-peer lending platforms that may offer more flexible terms for homebuyers.


9. Save on expenses: Reduce your current expenses by cutting unnecessary costs, renegotiating bills, or finding ways to save on utilities. This can help you free up more money to put towards your future home.


Remember, it's crucial to thoroughly research and assess any option you consider to ensure it aligns with your financial goals and capabilities.


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