ou can't make a
substantial downpayment. The good thing about going the
Your salary cannot absorb a "Fix It!" route is that there are
monthly amortization. You can't many lower-priced houses in need
get pre-qualified for a loan. Do of repair. You can ask any home
these doom you to a lifetime loan lender to show you viable
spent leasing and renting one options. The drawback is that
dingy apartment after the other? these houses require patience and
No. Even without the necessary lots of work.
cash and financing, there is a
way for you to buy a place of 2. Share the Cost, Share the
your own. The key is simple: Space
think creatively. Costs are much lighter when
shared. The same principle holds
1. Fix It! true for housing. Instead of
Money is your most pressing buying a house by yourself, buy
problem so don't look at houses it with several other people. If
you can't afford. Look for houses you don't know anyone, run to a
you can afford. From there, work home loan lender. Odds are, the
your way towards the house you home loan lender has several
want. How do you go about this? clients in need of people to
Ask a home loan lender to help split expenses with. This form of
you find a small, simply ownership, called "tenants in
furnished house. Renovate it. In common," or TIC, protects legal
two years' time, you can ask your and protects the rights of
home loan lender to sell this individual owners.
property for a much higher sum.
You can then use the income to There are several downsides to
buy bigger houses you can sell this scheme, however, so ask your
for higher prices. home loan lender to explain it to
you clearly. Joining a TIC could Neighborhood
be legally and financially Often, the price of the lot jacks
complex. Then, too, your TIC may up the price of the house. Get a
have restrictions when it comes house cheaply by co-housing.
to sale or leasing. Moreover, you Co-housing originated in Europe.
would have to get along with When co-housing, you buy one of a
co-owners, on top of agreeing who group of small homes built on
pays for repairs or takes the land that you will own, along
garbage out. with several other people. Home
loan lenders can present you with
3. A Joint Joint a list of co-housing
If having to get along with too possibilities.
many people bother you, eschew
TIC and go for joint tenancy. A 5. Run Home to Momma
home loan lender can help you You moved out when you were 18.
obtain joint tenancy, which Why should you move back in now
involves buying a house with that you're 28? If you're saddled
someone else. You and your with student loans, utilities,
friend, for example, can share and a heft credit card debt, move
the title and the mortgage in in with your parents for a year
much the same way most married and see how dramatically that
couples share property. Joint jacks your savings up. Not only
tenancy is not without problems, don't you have to pay rent, you
though. For one, any owner can don't have to spend so much on
sell the house or transfer food as well. You will be able to
ownership without permission put away enough money to pay for
from, or even knowledge of, the downpayment in the next year or
other owner! two.
4. Instant Neighbor, Instant Creativity is a prized quality.
We often see it applied in the well?
arts and in problem-solving. Why
not apply it to homeownership as
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Rony Walker
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