How to Find an Affordable Colorado Home When Prices are at Record Level

Purchasing a home is the biggest financial investment you will ever make in your life but finding an affordable home, especially in Colorado, isn’t always easy.    House prices have sky rocketed in recent years, mainly due to the economy and the popularity of the area.  But, there are options available for homeowners that make shopping for an affordable home a real option. Let’s explore them together.

Foreclosures

Take advantage of a homeowner’s inability to pay for his or her home and secure a house for yourself. Foreclosures are usually a much more affordable option, not because there is something wrong with the home but because the owner is unable to pay the loan amount back to the bank.   Typically a bank will sell a foreclosed home for the cost of the owed amount, allowing prospective buyers a decent home at majorly reduced rates.

Housing Programs

There are several charitable organizations that are rolling out economical housing programs in most States, including Colorado. For example, the Good Neighbor Program by HUD enables qualified families to purchase homes at half the actual price. There are stipulations to follow with these programs and not everyone qualifies but these programs are worth looking in to.

As-is Home

With this type of house, you take all liability after the sale is completed since you agree to buy the house in its “As-Is” condition. This is an easy way to get a cheap house that may just need cosmetic work, such as new paint and carpet.

Short Sale

Banks sometimes give homeowners the go-ahead to sell their homes for a value less their present mortgage. This is called a short sale.  These types of homes are a good way to secure an affordable home though the wait can be quite long before the bank accepts your offer, so if you choose this type of house, be prepared to exercise a good amount of patience.

Move to the Country

There is no doubt that home prices are usually lower in the countryside. Settling in the country may be a good alternative for those that enjoy the serenity brought about by small communities.  

Not for Profit Housing

There are charitable organizations that develop affordable homes for registered members or offer down payment assistance programs.  Prospective buyers simply register with them and wait for their turn. You can check websites of these organizations and find out if they have properties that meet your requirements and level of income. It is advisable to register with many of these organizations as possible to increase your chances of securing a home faster.   However, like the short sale homes, these programs can take time so patience needs to be on your side.