Just like when you bought your first home, evaluate your situation and crunch the numbers to see what you can afford. If you have less income or need to save some cash, figure out whether it's the right time for you to buy a new home.
- Go green. If your main concern is your skyrocketing energy bills, making green updates may cost less than selling the house, moving and buying another one.
- Rent out extra space. Supplement your income by renting out a room, the garage or guest/pool house. Or turn a large home into a duplex by dividing it into two separate residences. Research local zoning laws and consult with a real estate attorney. Get tips and advice on how to be a landlord.
- Compare the pros and cons of renting versus buying. Don't feel bad about being a renter again. It may make more financial sense for you as you regain stability in your life. Compare costs with our Rent vs. Buy Calculator.
- Consider sharing ownership of a house. You can buy a bigger house if you pool your resources with other cash-strapped homebuyers. Research co-ownership options, such as a "tenancy-in-common" or "joint tenancy." If you don't feel comfortable dealing with strangers, buy with a family member or friend.
- Consider buying a condo. They tend to be less expensive than single family homes and require little to no home maintenance. But remember, you're subject to homeowners association fees and rules.
- If you're 62 years old or older, consider a reverse mortgage. If you have enough equity, you can stay in the home.
- Source frondoor.com
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