3 Unconventional Ways, to Become a Homeowner.
Amid rising housing costs,
'Newsweek' has offered readers some
alternative routes to homeownership.
Over the past few years,
the real estate market has seen
prices rise to record levels. .
Over the past few years,
the real estate market has seen
prices rise to record levels. .
According to Scott Durkin,
CEO of Douglas Elliman Real Estate, , "prices are going up, mortgage rates
are going up, but inventory is down.".
Here's what 'Newsweek' recommends for anyone lacking the income or down payment to find a home. .
Renting to Own, This option gives potential buyers
the ability to rent a property for a set period
of time before having the chance to buy it. .
It can help you get a good credit score,
and it can help a mortgage company give you
a loan for the rest of the cost of the home, Scott Durkin, CEO of Douglas
Elliman Real Estate, via 'Newsweek'.
It can help you get a good credit score,
and it can help a mortgage company give you
a loan for the rest of the cost of the home, Scott Durkin, CEO of Douglas
Elliman Real Estate, via 'Newsweek'.
Seller Financing, For this option, the home's seller
acts as a bank, lending the
purchase money to the buyer.
This can be helpful if the potential
homebuyer is not eligible
for a conventional mortgage.
Co-ownership, Shared ownership is when two or more people purchase
a property together. It usually works well for
unmarried couples, siblings and close friends. .
The process may seem like a lot,
but ultimately homeownership is
the best thing you can do for your
long-term financial success, Nicholas Athanail, real estate broker
in New York City, via 'Newsweek'.
The process may seem like a lot,
but ultimately homeownership is
the best thing you can do for your
long-term financial success, Nicholas Athanail, real estate broker
in New York City, via 'Newsweek'