How to Beat the Credit Crunch and Still Own Your Own Home!

These days many people’s dreams of owning their own home are dashed by how expensive it is. A lot of us are still recovering from the recession and money is tight. The trouble is, buying a property is very expensive, so it’s not viable for a lot of people. You need to be sure you’re not one of those people who makes classic home buying mistakes, like spending too much.

If you are looking for opportunities to allow you to secure a home without spending too much you should look at this list. These are a few of the best ideas for beating the credit crunch and still being able to own your own home.

Auction

A more unusual way of buying a home is via auction. Now, you need to make sure you check the property out first, so you’re not buying blind. Auctions provide an excellent platform to secure good homes for a fraction of what they’d normally cost. You might even decide you want to get a fixer upper, and this kind of thing will be available there as well.

 How to Beat the Credit Crunch and Still Own Your Own Home!

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Lease

One of the most popular forms of house purchase these days is to lease. This is sometimes known as a ‘part buy part rent’ scheme. It’s where you will be able to rent the property for a certain length of time, and after which you can buy it. This is a fantastic option for people who may not have lots of money saved. Or people who don’t want the massive expense up front right away.

Design Your Own

Another more quirky approach to buying a home would be to design your own. You’ll often find that building a house works out significantly less than buying one. Sure, it’s going to mean more work, but the savings will make it worth it in the long run. You should have a look at affordable small house plans as these would be the perfect option. The great thing about designing and building your own home is that you can customise it to suit exactly what you want.

Buy With Friends

If you’re looking at ways to save cash and still be able to buy a home you could think about buying with friends. This is an excellent way for you and your buddies to get onto the property ladder. Splitting the cost between you is going to save everybody money, and gives you somewhere to live until you can save for your own place. If you have a couple of close friends, you should think about speaking to them about living together.

Save Money

Okay, yes, the economy is tight these days, and it’s becoming more difficult to save money. Despite this, you need to try to come up with ways to save money where you can. If you remind yourself that you’re saving to buy a home, it should give you more incentive. Try to trim and cut costs in day to day life and you’ll be surprised by how much you’re able to save.

We all know how daunting and expensive it can be to buy a home. For many people, it’s just not an option that’s viable. However, it’s important to be able to get onto the property ladder at some point. Try to use the ideas detailed here as ways of helping you own your own home without struggling financially.

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