The height of buildings is not the only thing that is reaching new heights. Even the rent of small apartments is becoming more expensive. The increase in price is only natural; inflation affects everything. To avoid the costly rent of apartments, condominiums, and other housing solutions, purchasing your own home is a privilege that can be experienced by the succeeding generations.
The question now is – what if I can’t afford a house and lot? Do I have to pay rent for the rest of my life? For those who are pushed by the price, consider investing. There are several ways to work around this problem:
Tiny houses
There is an ongoing movement with “tiny houses”. There are no strict parameters for these smaller homes They can range from 8 square metres to 37 square metres. The primary focus of these small living spaces is sustainability with the freedom to travel and downsizing personal items as added benefits. This movement is famous in several different countries including the United States, Japan, and Germany to name a few. In Britain, these tiny spaces can come in small apartments at 32.8 square metres to eco-homes at 23 square metres.
Building your own tiny home is relatively affordable since it requires fewer materials to cover such a small square surface. It counts as an investment considering the money that can be saved from the utility bills as well.
When planned well, you can own your home debt free. You also have the luxury of designing a mobile home if you wish or one that is rooted to the land. There is so much freedom and creativity that come with compact and currency conscious space.
Mortgaged homes
If you are looking for something more substantial, a mortgaged home allows you to plan around your financial state. While it does present itself as a kind of loan you have to pay off, it is not a permanent thing. When compared to living in a rented environment you are bound continuously by the rules of the landlord. You cannot make the renovations you want to make, and you have a never-ending bill. A mortgaged home can feel like you are renting partially. And each month brings you closer to owning your home.
The difficulty with mortgaged homes is that you must adequately establish your financial capability with piles of paperwork. You need proper identification and address, proof of income, and a savings account. Payday loans and outstanding dues may work against you when people look into your financial stability. However, there are companies like mortgage-wise.co.uk that can help you work around a bad credit history.
These are just some workarounds to buying homes on a budget, but there are other ways. You can check listings for houses that need full renovation, foreclosed homes, or change a commercial area into a residential one. There is no limit to finding and creating your space.
Image: Pixabay.com
Source: https://en.wikipedia.org/wiki/Tiny_house_movement