How To Radically Cut The Cost Of Buying A House

For many people, the idea of moving into their own new house is a dream that they keep with them, something that helps them focus on working hard and making money. If you keep your eye on the prize of living in your own home, then it becomes easier to deal with a lot of things you’d ordinarily be skeptical about. However, a lot of people today are finding that after years of compromise, saving and sacrifice, it’s still tough, and expensive, to buy a house, with some finding that they can’t even take a first step on the ladder.

Is there some way that you can buy a house without having to spend a huge amount of money? Depending on the tips you read, there certainly is, but some of those tips are simply inadvisable. One of the most popular is to buy the house by taking out a loan with no down payment or just a small, token amount. This is a way of buying a house with a low commitment up front, but sadly it’s also an excellent way of saddling yourself with more debt for longer. Below, we’ll look at some tips that mean you won’t need to do that.

Build your Own

It’s ambitious, for sure, but if you don’t want to go through the protracted process of making offers on houses that get rejected, or going through endless negotiations on compromise houses you didn’t really want, you can build a house. There are some advantages to doing this: you’re not dealing with a seller’s unrealistic expectations; you can craft the house to your wishes and needs rather than paying for more house than you need; you can also pick any location where there’s space, giving you more choice. It’s a lot of work, but you choose what is included and what isn’t, so you control the project and the cost.

Buy a Fixer-Upper

Some houses are sold at knockdown prices simply because the owner, or representative, wants them off their hands. These “fixer uppers” are certainly cheap, but there is of course a reason that the vendor is keen to get rid of the house. The renewal process to turn it into a liveable house isn’t far off building a new house - but you have the overall structure to work with. Hiring roofers to fix the tiles, getting a fitter in to replace the kitchen and securing the likes of The Patch Boys to sort out drywall and ceiling issues will still cost a lot less than buying a market-ready home, especially in this economy. Just be ready for hard work.

Move Out of your Current Area

Well, the title does say “radically cut the cost”, and radical questions sometimes require radical answers. If you’re living in an area where it is hard to find an affordable starter home, it might be worth looking at whether you could get a better price in a neighboring state, or moving further afield. You could even, if you’re up for a fresh start, move to a whole other country - a quick hop to Mexico will see you make a significant saving in house prices, while a more radical step and the willingness to invest in the house can make Italy a bargain market. Sure, it’s a challenge, and it may not suit your circumstances - but if it does, it can be a wonderful experience to live in another country for a time.