February 26

Home and Financing – Top 4 Ways to Think Outside of the Box

I'm sure you agree that buying a new home requires a lot of details, focus and creativity.  

It can be fun and exciting, but it can also be a lengthy process that can quickly turn mentally and emotionally draining. Possibly gets even more stressful once you get into home financing.

In addition, the prices of Charlotte, NC homes for sale keep on soaring. It's not helping home buyers that demand is high, making it a competitive market.

Aside from getting a mortgage, there are other ways that you can cut back costs on financing your new home. 

To finance your new home, consider purchasing a fixer-upper or rent-to-own home. Alternate mortgage solutions such as seller financing may also be beneficial to you. As home financing can be a tricky business, you must find an experienced real estate agent to guide you through the process.

With a few unconventional home financing ideas, you’ll eventually take the leap and buy your dream home.

First-Time Homebuyers

Tip #1: Consider Buying a Fixer-Upper Home

Fixer-uppers are houses up for sale at well below market price because they need major repairs. These houses will have a lot of imperfections, but try to see past the blemishes and see the diamond in the rough.

A fixer-upper is likely far from what you envisioned when you decided to buy your dream home.

However, if you buy a fixer-upper, you can potentially get a good bargain. Generally, there isn't much demand for fixer-uppers, so you may also be able to score a lower downpayment.

Buying a fixer-upper home is also the next best thing to building a home from scratch. Since fixer-upper homes haven't been remodeled, you'll have the freedom to renovate the home the way you envisioned.

What's more, you'll get a chance to keep a close eye on renovations and quality control.

A downside is that you may end up spending a lot of time, money, and energy making structural and cosmetic repairs. The key is to come up with a solid budget and remodeling plan.

I would recommend getting the help of a real estate agent and home inspection professional to help you spot a fixer-upper with great potential based on: location, condition, layout, and necessary repairs.

Tip #2: Start with a Rent-To-Own Home

Renting may feel like you're flushing your hard-earned money down the drain. A rent-to-own home may seem like a much more attractive option.

If you're not familiar with rent-to-own homes, here's how they work:

The tenant will continue paying monthly rental fees for an agreed-upon duration, typically one to three years. Depending on the contract, the renter and owner may agree that a fraction of the monthly rental fees will go to purchasing the home.

The idea is that you can improve your finances and your credit score throughout the contract period. Once the contract ends, you can go all-in with the home purchase.

Remember that rent-to-own monthly fees are generally more expensive than renting a home. 

Before you take this option, you must have a favorable contract agreement with the homeowner. Regardless of the Charlotte, NC real estate trends, you will have to pay the agreed monthly rent throughout the contract.

You will also need to pay for maintenance and repairs in some cases.

Most contracts will also require paying the seller an upfront fee of 1-5% of the purchase price before you close the contract.

All in all, rent-to-own agreements provide a way to build equity without taking out a loan or mortgage.

Rent-to-own homes may well be the light at the end of the tunnel for many aspiring homeowners.

Charlotte, NC Homes for Sale

Tip #3: Enquire About Seller Financing

A seller-financing agreement may be more beneficial to you rather than considering traditional mortgages from banks and financial institutions.

Seller financing works similarly to the process of traditional lending, but the home sellers themselves oversee the debt. In this case, the seller will provide financing, and the buyer will enter into a mortgage with the seller.

A buyer will sign a promissory note which will contain the:

  • Interest rate
  • Default consequences
  • Repayment schedule

Typically, seller financing deals are shorter (up to 30 years) than a standard mortgage.

While seller financing does have its risks, it provides more lending opportunities to prospective homeowners.

It's a great opportunity for low-income or low credit buyers to negotiate flexible financing terms compared to borrowing from a corporate lender. Besides that, homeowners also get a chance to close deals faster and save on closing costs.

The downside of this option is that you may face higher interest rates. Get in touch with a real estate attorney to see if seller financing is a good option for you.

Tip #4: Trust a Local Charlotte Real Estate Agent

Many people dismiss the idea of hiring a real estate agent when they’re looking to purchase a new home. 

If you’re one of those people, I completely get where you're coming from. Hiring an agent means spending your hard-earned cash. And that won't help your financing, will it?

But here's the deal: hiring a real estate agent will open doors that lead to great deals on the local market. 

Real estate agents are part of a huge network that you would otherwise be unaware of. If you try to buy a home on your own, you risk missing out on great deals on a home you could afford.

Aside from letting you in on the neighborhood market secrets, real estate agents can speed up the buying process with their expert negotiation skills. Working with an agent will help you convey your preferences and concerns to your seller. 

They may even be able to get you a discount! 

Aside from that, without an agent, you'll be handling monstrous stacks of paperwork. If you don't know what you're doing, you may be duped into a contract that isn't in your best interest.

In the end, failing to hire a real estate agent can cost you thousands of dollars.

Home and Financing Tips

Find Ways to Finance your Home with Showcase Realty

Showcase Realty is the fastest-growing real estate team in Charlotte, North Carolina.

I, Nancy Braun, along with my expert team of real estate professionals, have helped hundreds of families purchase their dream homes in NC.

At Showcase Realty, we guarantee to uphold our values of innovation, teamwork, and community mindfulness. 

With a commitment to personally deliver professional services, the Showcase Realty team always tries to find out-of-the-box solutions that fit every soon-to-be homeowner's needs and preferences.


Successfully financing your home requires grit and creativity.

You don't have to settle for a mortgage right away – there are dozens of options that can help you prepare financially for your new home.

Buying a fixer-upper home or a rent-to-own home can help aspiring homeowners find a home that fits their budget. 

For flexible home loan options, you may also consider asking your seller if a seller financing agreement is possible.

I highly recommend working with a local real estate agent like myself, Nancy Braun

For innovative solutions to finance your home, feel free to get in touch with me at 704-997-3794.


Charlotte NC homes for sale, Charlotte NC Real Estate, Nancy Braun

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