To find an affordable dream home, consider buying an older home rather than a new one, fixing up an existing home or considering a less desirable location with an affordable home, according to Forbes. Another possible option is to purchase a condo instead of a home.
Home buyers may prefer brand new homes instead of existing homes, but existing homes that have been previously occupied are often more affordable than brand new homes, notes Forbes. As of 2014, existing homes can be as much as 20 percent less expensive than brand new homes. A person who is willing to renovate a home to turn it into a dream home rather than pay a contractor to perform the work can also save money. This is also a good way to get a cheaper home and pay for improvements as future finances allow.
A dream home in a dream location can be more expensive than a dream home in a less attractive location, explains Forbes. Homeowners may be financially satisfied making a sacrifice on location in exchange for an ideal home they can easily afford. Buyers should also consider a dream condo or townhouse as opposed to a dream house. These properties can have all of the amenities a buyer is looking for at a more affordable price compared to a home with all of the same amenities.