A password will be e-mailed to you.
The
amount of numbers on the price tag for your dream home can frighten a lot of
first-time shoppers. Buying an affordable is certainly a challenge, but there
are plenty of ways to get into a home at a reasonable price or even below
budget. All it takes is some patience, effort, and a little bit of creative
thinking. Here are five tips on how to save some money when making a first-time
home purchase.

Buy a Cheap House in Need
of Work
These type of properties
are the most common way to find a cheap starter home. Houses in need of repairs
always go for less. It is important to balance the estimated repair costs to
see if it is truly a bargain though. Also, remember there are some things that
might need repair which are not worth trying to fix or remodel on a budget.
Look for a Home Marked
with Tragedy
Maybe there is a property
on the market where someone was killed, carbon monoxide leaked, or a suicide
happened. Those things and a hundred other similar tragedies can leave
properties overlooked and stigmatized because of superstition. It also makes
them really cheap when sellers need to get them off the market. See if you can
find a place in a pretty good neighborhood and with a past you feel comfortable
with adopting.
Consider a Shared Equity
Home for Purchase
Pooling resources with
someone who is not a spouse to buy a home probably seems a little taboo. At the
very least, it may mean they get a profit share when the home gets sold, or
strangers are living together and pooling resources. One thing is for sure
though, it saves money, and it is becoming more and more popular. Perhaps you
and some friends could share the costs and wouldn’t mind being housemates. Come
to an agreement and see if your combined resources can make the purchase more
feasible.
Shop for a Home in
Foreclosure
It is always sad to hear
about someone losing their home because they can’t afford it, but it is also a good
way to help the seller and buyer. The homeowner needs to sell cheap, usually
what they owe, and it allows a buyer to get a cheap house, and the seller to
walk away without a foreclosure on their credit. 
Consider Building a
Starter Home Instead of Buying
If it is your first home,
you should be able to have exactly what you want in it. There are a whole new
set of creative tips when it comes to saving money on building a home. The National Association of Home Builders is a great resource for learning about home building
companies. You can also look into new builders like Parkview Homes which can help you get the customized features you want, where
you want them.

These are a mix of creative and common ways to save money on your first home
purchase. It takes a lot of patience and homework to buy a house for the first
time, but it doesn’t have to be financially crippling either. It should be
rewarding.