What are some tips for finding affordable new homes?


Quick Answer

To prevent financial hardship, look for a home that costs 20 percent less than the bank states that you can afford to pay, recommends Forbes. Seek out homes that are in close proximity to more expensive areas, or consider moving to a less expensive neighborhood that has access to public transportation. If location is critical, consider cutting costs by seeking out a duplex, condo or townhouse instead of a single-family home.

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Full Answer

Purchasing a home with a smaller square footage than the average houses in the area can keep the price down, notes Forbes. Plenty of room outdoors and an open floor plan can make a small house feel more spacious. Buying a house that needs some work can be an excellent way to save money if you can keep your repair costs at a minimum.

Sacrificing a spare bedroom can reduce the cost of buying a house, states Forbes. If you need some extra room, consider buying a house that has an attic or basement that you can furnish and use to accommodate your guests. If property is not essential, keep the price down by buying a home without a yard. A deck can be an affordable alternative to a yard.

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