Finding an affordable apartment in the United States can be a challenging task, especially in large cities where the cost of living is high. However a recent influx of 862,100 brand new single family apartments has flooded the market with very affordable prices.1 To view the best deals on affordable new apartments in your area start an online search today.
You Don’t Need As Big Down Payment As You Think
Take a big breath because the mental acrobats of thinking how you could possible afford a brand new home is not as difficult as you think. In fact recent reports suggest that over 56% of new home buyers in America paid as little as less than 20% on their new home and with some apartments going for as little as $175,000 this is very affordable.2
How To Find The Cheapest New Apartments Near You
- Research the housing market. Before you start looking for an apartment, you should know how the housing market works in the area where you want to live. Websites like Zillow and Redfin can tell you how much a home is worth now, how much it usually sells for, and how much people want to live there.3 You can also find out about the local real estate market by talking to real estate agents and reading local publications about real estate.
- Figure out your budget. It’s important to know how much you can spend before you start looking for an apartment. A good rule of thumb is to spend no more than 28% of your monthly income on housing costs. This includes mortgage payments, property taxes, insurance, and maintenance costs. To figure out your budget, add up how much money you make every month and divide it by 0.28. The number you get is the most money you can spend each month on housing costs.
- Look for apartments in places that are getting better. Up-and-coming neighbourhoods are those that are being fixed up and made better. Most homes in these areas are cheaper, which makes them a great choice for people who want to buy a cheap apartment. Look into local zoning and development plans, talk to local real estate agents, and read local real estate publications to find areas that are on the rise.
- Think about buying a fixer-upper. If you’re handy and have done some home improvement projects before, you might want to think about buying a fixer-upper. Fixer-uppers are usually older homes or apartments that need some work. If you are willing to put in the time and effort to fix them up, they can be a great investment. Websites like Zillow and Redfin have search filters that let you look for fixer-uppers based on location, price, and property type.
- Get pre-approved for a mortgage. It’s a good idea to get pre-approved for a mortgage before you start looking for an apartment. This will help you negotiate with sellers and give you an idea of how much you can spend. To get pre-approved for a mortgage, you need to give a lender information about your finances. The lender will then figure out how much you can borrow. The Consumer Financial Protection Bureau’s website has more information about how to get pre-approved for a mortgage.
- Think about a short sale. If you want a cheap apartment, you might want to think about a short sale. When a homeowner can’t pay their mortgage and the lender agrees to sell the house for less than what is owed on the mortgage, this is called a “short sale.” Short sales can be a great way to save money on a house, but they can also be hard to understand and take a lot of time. The National Association of Realtors website has more information about short sales.4
- Work with a real estate agent. Working with a real estate agent can be a great way to find a cheap apartment. Real estate agents have access to a wide range of properties and can help you negotiate with sellers,
Ready To Shop For Cheap Apartments In Your City?
If you’re in the market for a brand new apartment and want to see what is available for the best rate in your area than now is the best time. A recent influx of new completed apartments or purchasing off the plans for new complexes is a fantastic way to score a bottom priced new living space. Take advantage of incredible deals today before the market begins to rise again making it more difficult to get into. To view the best deals on affordable new apartments in your area start an online search today.