With the high housing price, it’s more and more difficult for young adults to be able to buy their first home.
In fact, a lot of dynamic office employees or freelancers don’t get to save enough money to buy their first home sweet home before they’re in their late 30s or even in their 40s.
In the meantime, they are forced to rent a house or a flat. If you’re planning to buy a home, you’re well aware that renting means that you are basically wasting each month money that you could invest in securing your future purchase.
However, don’t assume that the answer is to stay and live with your parents until you’ve saved enough to afford to buy your own roof and four walls. There are ways around it that don’t involve driving your family mad or breaking the bank. It’s about defining your priorities as a homeowner.
#1. Move out where?
The first question you need to ask yourself is where do you want to live. Indeed, with the increase of remote work offers, you could choose to live pretty much anywhere in the world.
So why not choose to move locally or regionally to an area where the house prices are more competitive? There’s no denying that a move will require some planning in advance, and consequently some budgeting too. However, in many cases, moving to a different state can end up a lot cheaper than buying the house next door. If you are feeling adventurous, you can even consider moving abroad. Houses in South Ireland are affordable, and you shouldn’t have any issue with the language, for example.
#2. Affordable housing options for low budgets
Let’s assume that you’re not looking for a house abroad or in the neighbour state. You can still find affordable mobile homes, which are fully manufactured building built to meet the FHA requirements. These factory-built homes can cost as little as $22,000 for a fully equipped housing option.
What’s not to love about it? You can also find a lucky gem in a residential auction, where some homes can go for as little as a few hundreds dollar — admittedly these will not be mansion sized! But the bottom line is that is you want to be able to save to buy your dream home, you should start climbing the property ladder with a small and affordable house first.
#3. Do you have some time to kill?
Last, but not least, if you’re a DIY enthusiast and you know your way around tools and building, you could invest in a buy to fix property. A lot of people choose to buy damaged properties to repair and sell, which could ultimately become your objective, but in the meantime nobody is stopping you from living in your home to remodel. Remodelling is time-demanding, however you can save a lot of money if you know what you’re doing and follow simple repair instructions.
If you thought that not being able to get a loan should stop you from buying a home, think again. There are plenty of options available for those who are willing to change location, buy small or repair their house.
So take your pick and climb the property ladder one step at a time.