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The 4 Fastest Ways for Renters to Become Homeowners

Many people start off renting once they enter the workforce and begin to support themselves financially. While renting is great there are many benefits to homeownership. If you’re looking to purchase a new home, there are a few ways to make your dream a reality with a few steps that can be taken.

1. Move to a New Area

It may be difficult to become a homeowner in the current area where you live depending on the cost of housing. If you want to invest in real estate sooner, consider moving to a new area where housing may be more affordable for your income. You can sell the home in several years and earn a profit if it appreciates in value, which can allow you to afford to move to a better location.

2. Buy a Fixer Upper

Fixer-uppers may need plenty of work and upgrades but are often available for a fraction of the cost compared to a newer home. Look for a fixer upper that you can improve at your own pace but can own upright, which can allow you to begin to build equity. You can also consider flipping a fixer-upper and selling it for a higher price once the improvements are made, which can allow you to earn a profit and purchase a newer property. If you’re new to house flipping, you can find introductory courses to help you get started. Just be sure to do your research before committing to a program. 

3. Purchase a Foreclosure

Consider attending auctions where foreclosures are often sold, which can allow you to bid on the property and get a great deal. Auctions are ideal for those who can’t get approved for a conventional loan. The entire amount is usually owed at the auction, but you can get a bargain that works for your price range. You won’t have to worry about having a monthly mortgage and can make it into a higher quality home.

4. Apply for a Loan

FHA loans are ideal for first-time buyers because they don’t require you to pay as much money for the down payment. You’ll only need 3.5 percent of a down payment for the selling price of the house, which can allow you to afford to make a real estate purchase at a sooner time rather than waiting to get a conventional loan.

You don’t have to wait several years to purchase a new home and begin building equity. If you’re ready to transition from a renter to a homeowner, there are a few steps to take to make your purchase quickly.

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