It’s a strange modern development how the overall perception of buying a house has changed over the years. After all, buying a house was considered to be one of the key moments in someone’s life, but for the longest time, it was as though doing so was more of an expectation than anything else. You got your education, you found yourself a job, and then you bought a house. (You might even fit falling in love and settling down with someone in there as well if you wanted.)
However, that’s pretty far from the case these days. These days, the idea of a buying a house can seem closer to a fantasy than an expectation. A one-two punch of the increased cost of living and the financial crisis of 2008 brought about by subprime mortgages have made buying a house into a far more life-altering prospect than it’s ever been before.
Of course, just because it’s a much bigger deal than it might have been in the past, that doesn’t mean that it’s impossible, far from it. While a lot of people might assume that they’re never going to be able to buy a home under any circumstances, the truth is that there are always things that you can do.
The key is to make sure that you keep your options open. There are few things that are more likely to make life harder for you than being closed off to the potential for interesting and exciting home buying options. With that in mind, here are a few options available to you when it comes to buying your first home and how you can prevent your preconceptions from getting in the way of the next big step in your life.
DIFFERENT TYPES OF PROPERTY
The phrase that usually jumps into many people’s minds when they start thinking about jumping on the property ladder is “buying a house.” This is actually a little bit deceptive since that’s far from the only option available to you. There are plenty of different types of properties out there, each with their own advantages and drawbacks. Here are just a couple of the most common.
Let’s look at the obvious one first. A house is the thing that sits at the front of just about everyone’s mind when they’re thinking about buying any kind of property, and there’s a good reason for that. For one thing, it offers a huge amount of freedom to any owner. You can make changes to a house on a structural level much more easily than if you were to try it with something like an apartment. Not only that but you have a whole bunch of options within this variety of property. Things like cottages, detached, semi-detached, and terraced houses, all have their own advantages and disadvantages, and it’s worth considering all of them when you’re trying to find the perfect home.
A lot of people assume that an apartment is only good if you’re renting and sure, it is certainly more common to rent an apartment than to own one, but that doesn’t mean that the option isn’t there. For one thing, you’re likely to find a much better deal, financially, if you go for an apartment over a house. Not only that but you can often find some wonderfully trending and interesting options among apartments that simply wouldn’t exist if you were looking exclusively at houses. Of course, there are drawbacks too. If you’re looking for something with a lot of outdoor space, then an apartment is not going to be for you. Similarly, you’re not going to be able to make any significant structural changes to an apartment in the way that you would a house.
Of course, while it’s a good idea to think about the different types of property that are available to you, you shouldn’t lose sight of the fact that there are often, even more, options out there if you’re just willing to think outside the box. For a lot of people, one of the toughest choices to make is whether or not they want to buy a home and settle down, or give themselves the freedom to move around as much as they want.
Well, if that’s the kind of dilemma that you’re facing, why not try something a little more… mobile. There is a growing movement of people who, instead of buying a traditional property, are investing their money in something like a van or a small houseboat.
If you’re willing to put up with a lack of space and a lack of some of the more modern conveniences, life on the road or the water can be incredibly rewarding. If you decide you’re sick of whatever town you’re living in, there’s no reason why you can’t just pack up and move somewhere new in an instant!
The worst way that you can limit yourself is to only look for properties in the area surrounding where you are at the present moment. Now, for a lot of people, that means that they should start looking at properties in different parts of the country. But if you really want your options to open up to you then it’s worth thinking on a much larger scale than that.
Why not think about buying a property in a different country? Not only are you going to massively increase the scope of how many properties are out there but you could end up finding something much cheaper. There are plenty of up and coming places all over the world where housing prices are still low but are on the rise. With every new condo launch and freshly built home, many of the cheapest places on earth are increasing in value.
Now is certainly the time to start considering buying a house internationally much more carefully than you might have before. Sure, the idea of packing up and leaving things behind can be incredibly scary, but it’s also something that can be extremely rewarding. It gives you the chance to explore a new culture and learn new things about yourself while making it much easier to get that all-important first step on the property ladder.
BUILD IT YOURSELF
Of course, there’s a chance that buying a house at all might not be the best option for you. Luckily, there’s another way to go about owning your own home that’s definitely worth considering. A lot of people might assume that building a home is the kind of thing that only the incredibly wealthy are capable of doing but the truth is that it’s something many people do in order to get around the difficulties and frustrations of buying a house.
For one thing, you’re not going to have to make compromises on things like style or layout since you have total control over those things. Being able to create a home to your exact specifications is one of the very best ways to be sure that you have a place that you’ll always treasure. Not only that but you can have much more control over the budget as well.
Sure, you’re still going to end up having to pay a pretty hefty sum of money, but when you’re in control of how exactly how large your home will be and what kind of property it is, you’re far less likely to end up paying more than you need to for a property that isn’t absolutely perfect for you and your family.
Of course, it’s worth knowing that, despite being far from impossible, buying any kind of home is certainly not easy. Sure, having a lot of options available to you increases your chances of being able to afford a home by a pretty significant margin, but that doesn’t mean that you’re not going to have to make some changes in your life in order to afford it.
You’re going to need to start thinking about how you’re going to come up with the money for a deposit, for one thing. The best option here is almost always the least interesting: you’re going to have to start saving. Not only that but it’s time to start keeping an eye on your credit score since that’s going to be invaluable when the time comes to start applying for mortgages. Things like outstanding credit card bills or defaulted payments are going to put a big black mark on your credit score, so it’s a good idea to get all of those paid off well in advance of your attempts to buy any home.
Buying a home can be an incredibly long and frustrating process. However, it’s almost certainly going to be worth it when you’re finally able to sit back and enjoy spending time in a home that you have complete and total ownership of. Sure, renting can be incredibly convenient, but you should never, ever underestimate how good it can feel to be spending time in your very own home.