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Budgeting for Homeownership in a Crazy Market

There’s no denying that today’s housing market is expensive. With prices increasing dramatically in the past few years, many potential homebuyers are left wondering if they’ll ever be able to afford to purchase a home. Here are some ways that you can budget for homeownership even in a crazy market.

Consider Your Needs

If you had your heart set on a large home with plenty of bedrooms, you may want to consider something smaller or older that is better priced. Unless you need the space for a large family, a smaller home can be a great option. Not only are the often cheaper, the maintenance and upkeep are usually less as well. With fewer rooms to furnish, you can also save on added costs like furniture and décor.

Smaller homes aren’t always less expensive, however. Area, amenities, and association fees all pay a role.


Buy a Fixer Upper

Are you handy? Getting a home that needs a little bit of work can help you afford homeownership faster. Just keep in mind that fixing up a home costs money as well. Some loan products allow you to incorporate these costs into your mortgage, although you will need to hire and work with a general contractor to do that. If you want to DIY, plan to cover renovation costs yourself.


Get Roommates

You can buy a home and get roommates who pay rent to offset some of the costs. Buy a duplex and renting out one side is another great option for keeping your monthly expenses down. You will still need to qualify for the mortgage on your own and some lenders will not include the projected rent in their calculations. Talk to your lender about options for doing this that can make sense for your financial situation.

Author Bio: Greg Sandler
Greg Sandler is a distinguished leader and strategist in the mortgage and real estate investment industry. With over two decades of experience, Greg has honed his expertise in guiding his clients to build wealth through real estate.

Greg Sandler has direct and first-hand experience as co-founder and CEO of USA Investment Group Management Inc., focusing on growing real estate holdings and diversified asset portfolios. Under Greg's guidance, the company has executed hundreds of traditional real estate acquisitions and currently manages a substantial portfolio of rental units.

Greg also has a track record of driving multi-million-dollar revenues and leading high-performing teams to success in mortgage loan originations, achieving the prestigious "Top 1% Originator" status in consecutive years. Currently steering the helm as the President at USALending.AI in Keller, TX, Greg has revitalized this division of a mortgage bank, significantly expanding the company's scale.

Prior to this, Greg's role as Senior Vice President at Fairway Independent Mortgage Corp in Rocklin, CA, was marked by his pivotal contribution in establishing the company's presence in northern California and northern Nevada. Under Greg's leadership, his team of nearly 110 dedicated mortgage professionals originated and funded approximately $800 million in residential mortgages annually.

Greg's professional journey is marked by his exceptional skills in negotiation, sales leadership, financial analysis, and P&L management. His ability to strategize, coupled with his in-depth knowledge of the mortgage and real estate sectors, makes him a visionary leader and a respected figure in the industry.

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