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.
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Over the past few years, the real estate market has seen prices rise to record levels.
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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.
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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.
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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.
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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'
