Many people will tell you that renting is pointless. Well, it isn’t if you don’t want to live at your family home. But, it is from a financial point of view. Why? Because the rent you pay each month doesn’t go towards buying the property. It just ends up in your landlord’s bank account.
With the improving economy, more people want to get on the property ladder and buy a home. The trouble is: they just don’t have enough money to do so. But it turns out there are many creative ways to buy a house. Want to know what they are? Keep reading to learn more!
Buy a starter home
You might envisage yourself living in a sprawling house with plenty of outdoor space. Unless you’ve got the money, there’s no chance you’ll ever own such a property! To get out of renting, you need to start small and work your way up, so to speak.
One of the most common routes into home ownership is by investing in a starter home. It’s typically a property that has fewer rooms and smaller yards. It might even be an apartment instead of a house. Starter homes offer an affordable way into home ownership. When you’ve got enough money, you can sell it and invest in a bigger home with the help of property management services company.
Build a tiny house
In case you wondered, a “tiny” house is a property suited to single occupants. It occupies a small volume of land and can get built cheaply. Websites like real estate companies in Dubai give you more information on the subject.
One of the advantages of building a tiny house is you can take it with you if you wish to move somewhere else!
Co-buy a house with a relative
You might think that joint mortgage applicants are usually only married couples. It might shock you to learn that more relatives are co-buying properties together.
For example, a person and one or both of their parents could co-purchase a house. The parents might agree to fund most of the buying costs. Their children can then pay them back in low monthly installments, interest-free.
Buy a foreclosure
Another way to pay less for your future home is by purchasing a foreclosure. In a nutshell, this is where a bank is selling the house at a reduced price. Why? Because the previous owners didn’t pay their mortgage and so repossessed the property.
As you can imagine, many homes across the country got foreclosed in recent years. Especially with the global economic downturn. While it has obvious negative connotations, it can be the answer you’re looking for.
Move to a cheaper part of the country
You might enjoy the hustle and bustle of city life. But, one thing’s for sure: it’ll cost you! That’s why it makes sense to move to a cheaper area. You can then afford to buy a suitable house for your needs.
Of course, that doesn’t mean you need to embrace rural life. You can still enjoy living near a major town or city. You just don’t need to live right inside of it!