Okay, not all of us have the time or inclination for the DIY options on this website. So here’s where I want to explore affordable housing options that require none, or fairly minor, renovations to make them move-in-ready.
Mobile Homes
I guess they prefer to call them “manufactured housing” in modern terms. But the end result is still the same ol’ home on a big trailer. I actually like these, and think they are a really legitimate way to get a very well-equipped home for some of the lowest cost per square foot. Often the price is even a lot lower than what it would cost you to have your own home built for you. And if cared for properly, they can definitely retain their value, and maybe even slightly appreciate. A lot of these floor plans are really interesting to study, and walk through, to see how they put so much functionality into smaller spaces.
Foreclosures
Not all foreclosures are in bad shape. And if you can get your hands on a good condition foreclosure, there’s a good chance you’ll be saving some money. Of course, if you’re willing to do some fixing, or oversee (i.e., pay) others to do the fixing, then you can often get a really good deal.
Duplexes or Condos
The purchase price on these are going to probably be pricier, but could also be easier to qualify for a mortgage. And if you’re willing to rent out the other half, there’s a very strong chance that you’ll pay very little out of pocket on that monthly mortgage payment.
CrowdFunding
This is a cool idea… get your home for free (or a significant down payment) by hosting a crowdfunding campaign (on the likes of KickStarter.com, for example). I don’t know if it would work, but given the right sales “pitch” and story, you might could actually raise some pretty significant dough this way. Here we will explore the various ideas that could be used to do this successfully… maybe.
CrowdLending
If you can’t get it handed to you for free via crowdfunding, there’s always crowdlending. Forget about the stingy banks… just go to your peers for funding. Everybody lends you small amounts ($25 or so)… mostly from pure strangers, and you pay them back according to the terms of the site/platform you use. Downside? Probably high interest rates. But it still could be used short-term to get the house bought, and then, since it’s a non-asset based loan, once you own the home and land for your home, there’s a much better chance a bank will give you a good interest rate loan in exchange for a note on the equity of your land. So, this definitely seems to be a workable strategy.