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Lofty Prospects, Little Pennies: Buying a Home While Broke

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Going on social media and seeing other people move on to different phases of their life can make you feel down if your own financial station is not high. If you tend to have only a little bit of money and savings at any time, you may have a hard time gaining the things that you want in life. Deciding to put down roots with a house can be a monumental move towards the next phase of your life. If you want to buy a home but you are typically low on money, you can still meet this goal. Here are some ways to buy a home while broke. 

Move home and clear up debt

Home loans can be approved with low income as long as you meet the credit score requirements. If you have a low income or you tend to be broke, you will need to be approved for a loan to help with the purchase of your home. In order to get a decent amount for a home loan, you should pay off your debt. To do this easily, move in with family in order to save money. If you do not have any family that you can move into, share a home with friends or roommates to decrease your bills. With the extra income, save half and pay off bills with half. 

Make a list of needs with no wants

The best thing about houses is that they can be remodeled. You can remodel the interior to fit your preferences and you can even spruce up the exterior. If you begin to make more money later on, you can also make additions to the home to increase space. But when you are getting started and on a major budget, you should focus on needs instead of wants.

Make up a list of needs, such as the room you need for everyone in your family, the amount of storage space that your family need, and which neighborhoods you can live in that are close to your work or hobbies. With a list of needs, you know what bare bones items you and your real estate agent should look for when buying a home. 

Don't be afraid to bid

One of the ways that you will be successful in your bid to purchase a home is by bidding on homes. Once you have your budget, feel free to bid on homes that are slightly higher than what you have to offer. An owner that is looking for a quick sale or is having trouble finding a buyer in their price range may be interested in offering a discount. Secure an approval on with your financing company and bid on properties that you like in order to gain access to more and better homes.