Last week we talked about getting into your first home and depending on your age and current situation I have outlined several different ways to make this work.

1. Getting a second job: Now this method isn’t for everyone but if you have a strong work ethic and an understanding of the benefits of home ownership this may be for you.

2. Roommates: This one isn’t for everyone either. Roommates if not selected carefully, can be a problem as opposed to a benefit. If they don’t clean up after themselves or pay their portion of the bills, there can be problems. However, if they are reliable people, they can help pay your mortgage as well as help around the house; ex: watch your children, pets, or work on projects around the house that add value (equity).

3. Loan from family: Most parents and grandparents want to see their children/ grandchildren succeed in life. It may be hard for you to ask but you will never know unless you ask. Now as for ammunition to help when asking, they will be able to share the appreciation in the property as well as help their children/ grandchildren on their way to a better future. Your parents could buy the property and charge you rent. When it is sold you two split the appreciation. With the help of a land trust you could get the tax benefit. One thing you don’t want to do is keep paying someone you don’t know each month and never get anything in return for it in the future.

4. Government grants: The Federal Government wants you to buy a house and they have programs set up to help first time homeowners get into a house. Contact HUD (Housing and Urban Development) and FHA (Federal Housing Administration) for more information.

A home is more than just a financial asset- it’s a place to live and raise children; it’s a plan for the future; it’s an investment. Make the choice now to secure a better future.

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