Are you in the market for a home, but a home doesn’t seem like it’s in the market for you? With the unemployment rate dropped to its lowest level in a decade more folks are buying houses and purchasing investment homes. This translates into one of the tightest housing markets we’ve seen in a while.
So what to do? Lang Premier Properties is looking out for you and research has provided some interesting creative ways to attack the market. So here we go…
1. Buy a fixer-upper: There are scores of home in Detroit begging to get a makeover. If HGTV has anything to say about it, everyone would be doing a home renovation everyday. While it might not fit into your “perfect” idea of homebuying, it’s certainly a viable and creative option.
2. Buy a tear-down and rebuild: The option of buying a vacant lot can be attractive – and so can buying a tear-down and making it your own vacant lot. You then have the opportunity to put you stamp on your dream home. Throw your creativity into empty space and build a blessing of a home.
3. Explore rent-to-own properties: With the availability of homes in this market for investors who wish to increase their inventory, or even create a small-scale portfolio comes the benefit of having out-of-the-box discussion with these homeowners. These investors might seriously consider a rent-to-own scenario. One never knows what one could get without asking…
4. Buy a larger home with rentable space:Nowwe understand that this option is available for everyone. But if you have the means to purchase a house with a mother-in-law apartment or some small guesthouse on the property, this could translate into an opportunity to help pay the mortgage. Then, should your life or family expand to a place where you need more room then you can reclaim the space and save yourself a move!
Although, we at Lang Premier Properties recognize that the market is tight, we like to be able to work with our clients to examine a range of other innovative house hunting concepts. Please enjoy the article below and find out further details on the scope of options noted above.