I am planning to buy my first house but I do not have that much of money. Are there any alternates and what should I be careful about while negotiating such a deal? I do not mind going in for a Mobile / Manufactured Home. Help!!
You can check this out: Get a home for somewhere between $20,000 - $50,000 Other than that why not just save up for a sizable down payment on a new home?
In the US, you can make homes CHEAP out of shipping containers. Buy them for around $2000 USD INCLUDING DELIVERY to your building plot. Sounds crazy, but lots of people are doing it. See this link: http://www.greenhomebuilding.com/articles/containers.htm
Wow that is such a cool idea I hope I'm not the only one to think this is cool haha I think I might build one of those homes. If you're going to do this mate, let us (more especially me!) know okay? I'd love to hear about it, greetz, jobic oh and vanquishdesign thanks for the url
Oh. My. God. Kick up that internet marketing a notch there bud. You'll be able to pay a mortgage in no time.
Personally, the best way I think to purchase a home is with some of your own money. The more money you put down, the less you will owe on your mortgage in the long run (won't have to pay mortgage insurance, etc. with enough down). And, if you ever choose to sell it you will get more money out of it. That's what is causing some if the problems with the housing market these days. These companies like CountryWide, etc. are promising people (some like you who want to buy their first house but don't have money to put down) insane deals for their mortgages where they promise that you can buy a house with little or no money, but aren't fully explaining the terms of what they are getting into. I just bought my second house after selling my first dump for enough money to put a full down payment on a really nice house. My suggestion is to find a bank/lender you know you can trust and that will explain everything to you. Ask close friends and family if they can recommend someone to you. And just like with the kind of deals we see here on DP, if it sounds too good to be true, it's probably BS. Good luck to you!!!
Hey I like the container housing myself, if I were in the market I would seriously consider it, but then again I have welding experience... Another option is to look in the local ads for any homes which are rent to own. Some homeowners are willing to draw up a contract and allow your rent go toward purchase of the home. The added benefit to this is if your personal circumstances change, you can get out of the contract and not damage your credit.
It is indeed a great idea to own a house without money yet it is not difficult! I have done so and the main building blocks I found were at http://www.manufacturedhomeloan.org/ . And sure it’s a clever world so you should be careful. Please also go through the article http://manufacturedhomeloan.org/used-manufactured-homes-reasons-why-you-should-be-careful/manufactured-homes/ which will give you an insight of what all can happen while going through such a deal. All the best!
Manufactured homes are a good start. But, when it comes to selling them, they don't hold or increase in value like a standard home would. Something to keep in mind I guess.
What about building your own Tumbleweed style house? (thanks to Shawn for the link!) Plans are only about $1000, and while now exactly expansive (they are micro houses after all...), they're ultra cute and can easily be made very eco friendly.
I too am live on a rented house, it's always my dream to buy a nice home for my family, but dont have enough money to buy right now, hope i will soon get enough money to realise my dream.
Those little houses would do nicely when you're opening a bed and breakfast five of those little houses would be about 200 000 dollars and maybe you can get a discount you'd have more to offer then just a bed and breakfast, it's bed, kitchen, living area, bathroom and breakfast lol Man I'm soo going to bookmark that link, Thanks a lot kerosene! greetz, jobic
Technically you don't. Theres a bank in the UK called Northern Rock, which i'm sure you've heard of in the news about its financial difficulties and the UK government giving it £26 Billion ($52 Billion) to help its financial difficulties. However, they provide people with upto 125% of the house value. So technically as long as you can prove you can repay the $$ back to them over the period, then they'll probably give you 125% of your house value too
Don't thank me... I saw it on our Grand Poobah's website A Tumbleweed house, a laptop, a radio, and a supply of whatever vice takes your fancy ... what more could anyone want
if you are in the US i would advise renting now unless you have substantial cash flow and a big enough purse to put a 20% downpayment. Don't buy a house before you can really afford it, you'll regret it later. Chances are if you cant afford a 15-25% downpayment, you wont be able to afford the insurance, monthly mortgage, and other recurring costs like power and water.