If You Can’t Afford a First Home
March 27th, 2008 | 
Author: Do you know someone who is living in a small apartment, but can’t afford to get out. Maybe you are in the situation yourself and know that you are throwing away extra money every month by paying rent. If you are in this situation, you don’t have to be. There are several ways to begin investing in a first home without having to invest a lot up front.Â
There are hundreds of people that are living in apartments instead of investing because of the money that is needed up front, as well as the changes that are needed for income level. At the same time, there are programs that recognize this and are available to help those in need to find a first home. If you have a stable income, you also have the ability to move out of throwing away your money.Â
One area that you can look in for a first home is the grant programs that are available. Each locality will have different programs, most which are easy to qualify for. The programs will vary according to your living situation and what you need. For example, several grant programs will give you money simply to be in a first house, while others will give grants to special situations, such as beginning your own business. Looking into things such as ‘neighborhood goal’ can help you find something that won’t take your money with no return every month.Â
If you aren’t certain what program will work for you, simply ask your real estate agent. Most of the time, they will be familiar with the programs and should be able to help you with what is available. By the time you move into your first home, you will either have everything in the initial investments paid for you, will receive money back, or will have some financial support to help you get started.Â
Making investments in your first home does not necessarily mean saving up thousands in order to get in the door. It simply means finding the programs that are willing to help you pack and move and taking advantage of what is available in your area. With a little bit of research and a little help, you can stop paying rent and move into an investment.Â
Posted in Real Estate
The real problem is that homes are in excessive multiples of yearly income. PLUS, they factor in a spouse’s pay as well.
So instead of a house being three times your yearly salary, it’s seven times.
I hope this sub-prime collapse drives the market into the ground. A home should not be a luxury good.
i’m agree with your point of view that renting houses indeed is throwing money; people should take “having house” seriously and put it on top of their priority rank.
This mostly my all time problems. Renting different houses over and over again thru these past 5 years.
You got the point buddy, having one of our own should be my top priority. A way out you ‘ve mentioned, seems affordable and doable.
Awesome catch!
Great advice – Thanks! It hadn’t occurred to me to look for a grant for first time home buyers. I’ll be looking tonight!
Majority of people(including me) spend too many for apartments because it is really hard to afford houses but am wondering to know how easy is that to do. Thanks for sharing.
You have posted about my dream and dream home. I have just shifted to my dream home, there is nothing better than that.