When it comes to thinking about our dream home, not many of will settle for something small, cheap and in an undesirable area. The trouble is, it’s going to cost a lot of money.
However, that shouldn’t stop you from pursuing the home of your dreams one little bit. In fact, there are several ways you can make it happen and save a considerable chunk of money.
In this guide, we’re going to show you some of those methods – check them out and see how you go.
The DIY home build
We love our DIY here and admire anyone who takes up the challenge of the biggest project of all – making your home yourself. If you can find the right plot of land at the right price, get planning permission, and choose the best builders, it’s a realistic proposition. Plus, it costs far less than buying a prebuilt house – if you have the right plan in place.
There are a few options you can consider. You can hire an architect to work with, and contribute to the design of your perfect home. Or, you could use a custom home builder, who will offer you a range of plans to choose from. Just pick your favorite, and they’ll take care of the rest for you.
One thing to bear in mind about the DIY option is that you have to keep an eye on your costs. It can be easy for them to run away from you, leaving you spending more than you probably should have.
Renovation is a growing trend, and one that can be very lucrative. Old and rundown properties can be snapped up for peanuts. You then renovate them in a modern way, and sell them on or live in them for a fraction of the price of buying a ready made home.
You’ll need to make a lot of structural checks to ensure that the renovations won’t bankrupt you. But, with the right plan in place and a little building knowledge, you can create something truly amazing for the price. In fact, if you’re prepared to move around for five or ten years before finally affording your dream home, it’s a good way to build up your profits.
Every time you buy a new property, you can push up your budget for the next property, and so on. Before you know it, you’ll be in somewhere you couldn’t have believed you would afford just a few years previous.
Another option for those willing to play the long-term game is the buy-to-let market. This is when you buy a property for business purposes and rent it out to tenants. If you can maximize your rental income, it will pay off your mortgage quickly, and once it’s done, you can stop renting it out and move in yourself.
There are a few things to watch out for, though. Renting out a property can be expensive because you have to handle everything that can – and probably will – go wrong.
You need to watch out for your tenants, too. If you let in the wrong type of person, they could ruin your home and cause you untold problems. Get it right, though, and it’s a cost-effective way to – eventually – move into your dream home.
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