More Options for First-time Homebuyers

By
Real Estate Agent with Clayton & Associates Real Estate

More Options for First-time HomebuyersTo save on the costs of owning a home and to have more options, a first-time homebuyer may want to look at smaller homes, fixer uppers and cheaper commutes to work to save on the costs of buying and owning a home.  Many first-time homebuyers expect more than what they can afford when looking for a new home.  Once they start looking, they tend to get very discouraged.  Move-in conditions tend to be on the top of the list for 81% of first-time buyers.  Only 7% consider a fixer-upper.

Many real estate professionals will agree that buyers should examine the fixer-upper option to get the affordability they want. Once upon a time, first-time buyers bought older homes to save money and break into homeownership.  Today, that's just not the trend.  First-time homebuyers should remember that a fixer-upper can build equity over time.  They can later move on up to a second stage home or their dream home.

When househunting, look for homes that have been heavily discounted.  These homes are more likely to need some fixing up than homes than aren't discounted.  Be sure to get the home professionally inspected to determine what fixing up is necessary so you are not biting off more than you can chew.  

Most fixer-uppers will need a basic face lift, like carpet, paint, landscaping and other cosmetic touches.  When buying a fixer-upper, you will have to weigh the pros and cons from the price of the home to the cost of improvement.  Most first-time buyers want a large home to start off.  But bigger doesn't always mean better when it comes to price.  Many times, a smaller home can come with much more affordability.

Salt Lake City, Utah Real Estate

Homes for Sale in Salt Lake City

Salt Lake City Realtor® Kandy Clayton

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Rainmaker
189,082
League City, TX - Worrell Team, REALTORS, GRI, CNE
Bayou Properties Realty - League City, TX

We all want more than we can afford these days... we're Americans.  That's part of the reason we're in the fix we're in.

Feb 06, 2009 09:40 PM #1
Rainer
1,955
Ross Eveson
Bridgewater Residential - Kaysville, UT

The FHA 203K Streamline program is great way to purchase these homes and fix them up.  You can get up to $35,000 to do upgrades.

Feb 09, 2009 12:15 PM #2
Rainer
13,333
Kandy Clayton
Clayton & Associates Real Estate - Sandy, UT

Brian-You're absolutely right!  Lots of fingers are getting pointed in lots of directions, but there is plenty of blame to go around on why the economy is the way it is.

Ross-I like it.

Feb 11, 2009 12:20 PM #3
Rainer
207,933
James Wexler
wexzilla.com - Scottsdale, AZ

these days , a little paint, carpet, love and some elbow grease can turn a good buy into a great buy or even a steal

Feb 12, 2009 09:04 AM #4
Rainer
13,333
Kandy Clayton
Clayton & Associates Real Estate - Sandy, UT

You're absolutely right, James.  It doesn't take a big budget to make a house look better.  But little things will bring down the look of a house real quick in a buyer's mind.

Feb 18, 2009 03:29 PM #5
Anonymous
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Agi Anderson

Are you getting first time home buyers who can't qualify because of their debt to income ratio? What if you could show them a system to reduce their debt, help them save money plus escalate their credit score. More details at http://www.A1ADebtFree.com

Mar 16, 2009 09:39 PM #6
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Rainer
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Kandy Clayton

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