Property has never been more expensive, however that doesn’t mean you should give up on chasing the property of your dreams. Okay, so a multi-million pound mansion might be a bit of a stretch – but there could still be ways of achieving a few of those dream features you’ve always wanted, such as a large garden, modern kitchen or bathroom big enough to fit a freestanding tub in. Here are just a few examples of ways to afford your dream home.
Compromise on location
For some people, the location is a big factor. However, compromising this could allow you to get a lot more for your money. Living in/near a city, living by the coast or living somewhere equally scenic will push the price up. If you can sacrifice these, you could be surprised at what you get for your money. Obviously, there are certain location elements that you don’t want to give up such as convenient access to work or school, a low crime rate or low threat of flooding.
Design and build your own home
It can actually be surprisingly affordable to build your own home. This could allow you to include some of your dream features into the design. You’ll need to take out a self-build mortgage and you may also need to look into a land loan. If designing a home from scratch sounds too complicated, you can always try looking into pre-existing designs such as these Bellriver home designs. Make sure to use a professional architect and professional contractors so that you can ensure that your home is good quality.
Buy a fixer-upper
A fixer-upper is a house that is in disrepair. Such properties can be very cheap, because they require a lot of work doing to make them habitable. Whilst you will have to pour a lot of money into renovating them, you could still save a lot of money overall. It could be a way of affording a bigger house with more land, plus you can pour money into remodelling it to give it some of your dream features. Check out sites like UK Auction List for some of the hottest deals on fixer-upper homes.
Share a home with other friends/family members
In most cases, no more than two people contribute to a mortgage (usually a couple). However, if you’re prepared to live with other family members or friends, it’s possible that you may be able to get them to chip in and afford something much bigger and more expensive. More of you will be able to contribute to the deposit and it will make running costs cheaper as you’ll be able to share them. This strategy has helped some people afford six and seven bedroom homes on a modest income. It may not be the traditional family home model, but it could work (providing that you all get on well enough with one another to live together).