So you want to buy a home, but the traditional steps don’t work for you. Maybe you have an urge to travel wherever your heart desires, or keep your family members close to you as they grow older. If you have a living situation that doesn’t fit conventional homeownership patterns, take note of these marketplace trends that can help you own your own place in the Central Florida area.
Popular in many other cultures, multigenerational living keeps the family together in one living space as the years go on. The benefits of living with the extended family under one roof include:
Allows the entire family to help with childcare
Prevents the need for elderly family members to move into residential care
Increases the potential buying power by combining incomes
Can help with securing a mortgage
If you’re looking to live with family members, keep in mind the size you’ll require as you look for a potential home. Not only will you need more bedrooms, but living spaces will need to be larger to keep everyone comfortable when you gather.
Renting to Own
Many potential homebuyers are hampered by the need to put together a down payment and have a minimum payment saved up in order to get traditional financing approved. Statistics show that many Americans live paycheck to paycheck, making saving ten or even five percent of the purchase price of a home a difficult task. In these cases, looking into a rent to own agreement can be an easier path to getting in a home. These agreements are typically made between a seller and a buyer, with the agreement that the rent paid in the first few years will count as a down payment towards the eventual purchase. In order to make sure you are protected, have a lawyer look over any agreement before you move in to ensure its binding.
Tiny House Living
A trend growing in popularity across the nation, tiny homes are smaller than usual with a price tag to match. This helps to make them affordable for those who many not have the income to buy a large, multi-bedroom place. But remember, buying the tiny home itself is only one cost. Tiny homes have to placed on land, which can mean an extra cost, and turning on utilities to the property can also mean putting out large deposits. But some tiny homes offer a major advantage: the ability to move them easily to a new property whenever you like.
Since many younger people have trouble getting a deposit together, home sharing has seen a rise in popularity. In this situation, friends or in laws might get together to pool resources and purchase a home. This is especially popular in areas where the cost of living is high, or if the parties want to build equity and then move on to a place of their own. Again, a legally binding agreement is essential to make this a success.
If you are looking for a home to call your own, The Core Group can help. We are ready to show you properties in and around Orlando that you can make your own.