Budget-Friendly Ways To Own Your Own Space

Homeownership is something a lot of people feel is very important – it’s good to have an asset for the future that will ideally make money. It’s good to be able to feel secure, which isn’t generally the case when you’re renting or even living with your parents to some extent. But getting a mortgage and actually buying a home to call yours can feel like a distant dream, especially when you consider the large deposit involved. The good news is there are some budget-friendly ways to own your own space, and they’re a little unusual, so you may not have considered them before. Read on to find out what some of them are. 

A Mobile Home 

One option many people overlook is checking out second hand mobile homes for sale, but it could be just the answer you’re looking for. Mobile homes are known for being affordable compared to traditional houses, and second hand models offer even more savings, so they’re a fantastic place to start your search. 

What’s great about mobile homes is that they come in all shapes and sizes, so you’re likely to find one that fits both your needs and budget, meaning you don’t have to stretch yourself too thin, which can be the danger of a traditional home. And you can make it your own with some personal touches so you’ll feel comfortable there, which is all-important. 

Rent-To-Own

If buying outright isn’t an option, rent-to-own programmes can give you a stepping stone towards owning a home in the end. This option works by taking part of the rent you’re paying and putting it towards buying the property little bit by little bit. After a set amount of time, you’ll own it, and although it can take a while, it’s still going to give you what you want. 

This can be a great way to own a property because while you’re paying for it, you can also live in it and make it look and feel how you want it to, saving you a lot of time and effort later down the road (not to mention you won’t have the hassle of actually moving and having to pack up all your stuff, which can be very stressful). Just make sure you read the contract all the way through so you know what you’re getting into because each programme has different requirements, and you need to be sure of what to expect. 

Buy With Friends 

You might assume that living with friends is something you’ll do while you’re at college or when you’re renting and that if you were to buy a property, you’d live in it by yourself, but that’s where the difficulty comes in because that’s expensive and mortgages can be hard to come by if you’re not earning a huge amount (even if you can prove you can afford the repayments). 

So what if you bought a property with friends? If you all go in together, your share of the deposit will be smaller, you’re more likely to get the mortgage you want, and you’ll pay less every month if you’re sharing the cost. Of course, when it comes to selling the property there will be a lot to consider, but if you have a contract in place, everything should be above board, and you’ll have your foot on the property ladder sooner rather than later.