Sunday, 17 December 2017

How Can Blue-Collar Families Get into a Home of Their Own?

Written by Posted On Wednesday, 19 July 2017 17:16

Many people dream of owning their own house. For blue collar families, the price of a house could be unaffordable through traditional routes. Consider using one of these four strategies to make your dram of buying a home attainable on your current income.

Look into Financing Options

Look into different financing options that could work for your purchase of a home. If you are a veteran or active member of the military, you might be able to secure a low interest rate on a mortgage. Federal Housing Administration (FHA) loans may be another option for blue-collar families. Becoming a member of a credit union could also lead to a favorable mortgage rate.

Schedule Roofing Services for Your New Home

After you buy a home, it is important to protect your investment. Be sure to schedule roofing services for your home. The home's roof protects it from moisture intrusion and from the sun’s penetrating rays. Some companies, such as D.S. Bahr Construction Inc., realize that a well-insulated and durable roof will also reduce heating and cooling costs. Roofing services may also enhance the curb appeal of your home. An annual roofing inspection allows for the early identification of potential problems such as loose fasteners or missing shingles.

Consider Sweat Equity

If you have experience as a do-it-yourselfer and can make some repairs on your own, consider a house that is a fixer-upper. Sweat equity could allow you to purchase a home at a lower price and make repairs and upgrades on your own timeline. For example, if a house has good bones but needs new flooring, cabinets and fixtures, installing them yourself could save a lot of money and get you into a home faster.

Build Good Credit for a Good Mortgage Rate

Many people need to borrow money in order to buy a home. If possible, work to build your credit in the 6 to 12 months before you plan to buy. Get your credit report and get any errors fixed. Be sure to clear up any discrepancies. Make on-time payments on any debts that you have. If possible, pay off any lingering debt such as car or student loans.

When buying a home, remember that mortgage payments will not be your only expense. It is important to keep in mind that your blue collar income will also need to cover property taxes, homeowner's insurance, repairs and replacement of things as they wear out. Building solid credit, putting in your own hard work and looking into alternative financing options could help you to realize your dreams.

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Rachelle Wilber

Rachelle Wilber is a former real estate agent now turned freelance writer that specializes in home realty, mortgage, and building. She graduated from San Diego State University with her Bachelor's Degree in Journalism and Media Studies.

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