For many people, home ownership is a major financial goal but today’s soaring prices make it difficult to find an affordable place. Here are some possible strategies to consider:
- Move to a more distant, less expensive neighborhood and have a longer commute.
- Relocate, if that’s feasible. See if you can find work at comparable pay in an area where housing is still reasonable.
- Buy a duplex. People who can’t afford a single-family home may be able to buy half of a two-family home. Two families who get along well might join forces to make a purchase and split the cost.
- Look for a “fixer-upper.” Even if you’re not handy yourself, it might pay to buy a property that needs work and bring in contractors to do the needed improvements.
- Rent a house or a condo with an option to buy. Such a “lease-purchase” deal gives you time to save for a down payment or clean up your credit history. Generally, the purchase price of the home will be locked in when you sign a contract with the seller.
