Are struggling to think about how you’re going to buy a home in Monmouth County or Ocean County? It can be tricky balancing what you want with what you can practically afford. Here are some strategies to help make you’re monthly payments more manageable for affordable home ownership.

1. Save for a larger down payment. A larger down payment will lower your monthly mortgage costs a better interest rate as you will have more equity in the home.
2. Look at “up-and-coming neighborhoods.” Some areas have the reputation of being desirable or exclusive and – as a result – more expensive. But, there may be neighborhoods that are not as in-demand and yet ideal (and more affordable) for you. Don’t be afraid to explore that possibility.
3. Consider fixer-upper homes. A home that needs some work will likely be more affordable, and you can save money by doing some of the renovations yourself. You can also have the bank pay for the repairs through various lending programs, so you can have a fully renovated home, at a fraction of the cost.
4. Think about buying a smaller home. A smaller property can be more affordable and easier to maintain, especially if you’re downsizing. You can also consider adding on later on down the road if your situation changes!
5. Research various mortgage options. Shop around for the best mortgage rates and consider different types of mortgages. A better mortgage rate and terms may make an out-of-reach home affordable for you.

Any of these tips will help increase the probability that you’ll be able to buy your dream home at a price that works for you.

If you have questions about today’s housing market or lending environment, call me today!

732-737-7763