So, you’ve finally found your dream house. Sure, it may need a little work—okay, a lot of work—but you’re confident it will all be worth it in the end. That is until your home renovation project starts to go down the toilet (or worse, the toilet starts falling through the floor).
Deciding whether to renovate your current home or buy a new house can be emotionally fraught and financially complicated. As well, there may be aspects of the “stay vs. go” equation you may not have contemplated.
- Posted by Giri Damerla
- buying a home
Buying a home at an REO sale can be an excellent opportunity to get into a property while saving money since "real estate owned" by the lender is frequently priced at a discount. While REO homes might need some work, it can be an opportunity to immediately create value so that you can end up with equity in your house from day one. Buying a home at an REO sale is similar to the process of buying one at any other sale.
Buying a home is a serious investment and process. You'll need to secure a down payment, get a loan and find a property, to which you can be committed for years or decades to come.
The thought of purchasing a home may often seem out of reach. With student loans to pay back and credit card debts to settle up, many buyers wonder if they’ll ever accumulate enough money to meet that 20% down payment. Fortunately, there are alternative fund sources available for cash-strapped borrowers.