Get A House For Peanuts By Rony Walker At Isnare.com Ezine Articles

You can't make a substantial downpayment. Your salary cannot absorb a monthly amortization. You can't get pre-qualified for a loan. Do these doom you to a lifetime spent leasing and renting one dingy apartment after the other? No. Even without the necessary cash and financing, there is a way for you to buy a place of your own. The key is simple: think creatively.

1. Fix It!
Money is your most pressing problem so don't look at houses you can't afford. Look for houses you can afford. From there, work your way towards the house you want. How do you go about this? Ask a home loan lender to help you find a small, simply furnished house. Renovate it. In two years' time, you can ask your home loan lender to sell this property for a much higher sum. You can then use the income to buy bigger houses you can sell for higher prices.

The good thing about going the "Fix It!" route is that there are many lower-priced houses in need of repair. You can ask any home loan lender to show you viable options. The drawback is that these houses require patience and lots of work.

2. Share the Cost, Share the Space
Costs are much lighter when shared. The same principle holds true for housing. Instead of buying a house by yourself, buy it with several other people. If you don't know anyone, run to a home loan lender. Odds are, the home loan lender has several clients in need of people to split expenses with. This form of ownership, called "tenants in common," or TIC, protects legal and protects the rights of individual owners.

There are several downsides to this scheme, however, so ask your home loan lender to explain it to you clearly. Joining a TIC could be legally and financially complex. Then, too, your TIC may have restrictions when it comes to sale or leasing. Moreover, you would have to get along with co-owners, on top of agreeing who pays for repairs or takes the garbage out.

3. A Joint Joint
If having to get along with too many people bother you, eschew TIC and go for joint tenancy. A home loan lender can help you obtain joint tenancy, which involves buying a house with someone else. You and your friend, for example, can share the title and the mortgage in much the same way most married couples share property. Joint tenancy is not without problems, though. For one, any owner can sell the house or transfer ownership without permission from, or even knowledge of, the other owner!

4. Instant Neighbor, Instant Neighborhood
Often, the price of the lot jacks up the price of the house. Get a house cheaply by co-housing. Co-housing originated in Europe. When co-housing, you buy one of a group of small homes built on land that you will own, along with several other people. Home loan lenders can present you with a list of co-housing possibilities.

5. Run Home to Momma
You moved out when you were 18. Why should you move back in now that you're 28? If you're saddled with student loans, utilities, and a heft credit card debt, move in with your parents for a year and see how dramatically that jacks your savings up. Not only don't you have to pay rent, you don't have to spend so much on food as well. You will be able to put away enough money to pay for downpayment in the next year or two.

Creativity is a prized quality. We often see it applied in the arts and in problem-solving. Why not apply it to homeownership as well?

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