| Wyoming mortgage loans Tips on buying your first homw. |
| So you want to buy a home but can't figure out how to pull together the ? If you're willing to think outside the box, there are several offbeat ways to buy your first home. The fixer upper. When you can't afford what you want, look for what you can afford and use it to step up to your next house. Try finding a house that needs some repairs thats in a decent neighborhood. Fix it up and sell it for a profit. Then, find another a little more in value and repeat the process until you are able to buy your dream house. Pros: There are plenty of lower-priced houses out there in need of repair, and the income from a tenant can help both with repair costs and mortgage payments. Even in overheated markets, there's little likelihood that the value of homes at the low end will suffer in a slump. Cons: This method isn't for the impatient or the status conscious. To save money, the couple did many repairs themselves, and it will be almost 10 years before they can settle into their dream house. Just be careful not to buy a place where the cost of repairs will eat up any profits you might make when you sell. |
| The shared load Consider buying into a dwelling with shared ownership. There are several options here, with varying levels of complexity and commitment. One of the most common uses a legal form of ownership called "tenants in common." Pros: Buying into a TIC is less expensive, and this form of joint ownership does a better job of protecting the rights of individual owners (as in the case of unmarried partners who want to buy property together). Cons: Joining a TIC can be legally and financially complicated, and the details vary from state to state. Some TICs may restrict when you can sell and impose other conditions. And though you own your own place, you need people skills: Tenants negotiate noise, repairs, who puts out the garbage, etc. The friendly option If you don't want the legal hassle of setting up a TIC, it's possible to buy a property with a friend you trust, sharing the mortgage and the title. This form of ownership is called joint tenancy, and it's the way most married couples hold property. Pros: The two are only paying slightly more than they would in rent, while they're building equity and the house is appreciating. Cons: The legal particulars of joint tenancy vary from state to state, so you'll need to check with a lawyer. Under joint tenancy in many states, any owner can force the sale of a house or transfer ownership rights without the permission (or even knowledge) of the other owners. The costs and all decisions about maintenance and financing are shared equally, which is fine so long as everyone agrees |