Housing is expensive, especially in 2023, when everything seems to be. It is, therefore, a good idea to make purchasing a house as cheap as possible for yourself.
One frugal internet user asked, “What are some ways I can limit the cost of housing?” These were some of the best answers provided.
1. Buy a Foreclosure
A foreclosure is a mortgaged property seized from its mortgagor when they’ve failed to keep up their mortgage payments.
A poster says an excellent way to save money when buying a house is to purchase a foreclosure for a fraction of its actual value and carry out any repairs on it yourself (it helps, in this scenario, if you’re a handy person).
2. Watch the Netflix Series How To Live Mortgage Free
Someone suggests watching the Netflix series How to Live Mortgage Free with Sarah Beeny. The show features real estate expert and television presenter Sarah Beeny meeting talented and precocious property owners who share their exciting and valuable stories about living mortgage free.
3. Don’t Rush Into Anything
One answer comes from someone who says don’t rush into anything. Instead, they suggest spending a few years renting somewhere cheap, putting the money you save into a high-interest savings account, and taking the four percent from it.
This makes sense, as you can’t expect to buy your dream home immediately. The saying “no pain, no gain” applies, as you might have to live a less luxurious lifestyle in a less charming house to find your perfect home ultimately.
A sociable poster says having roommates is an excellent way to save money on housing. It’s true that living with other people and sharing costs is frugal, but it’s not for everyone.
Living with people while saving for your forever home would be a good idea. Then again, if you’re happy living with other people indefinitely, by all means, go for it.
5. Rent Out Rooms
Similarly to having roommates, another user suggests buying a lovely home but renting out the rooms. They say it’s the best way to save on housing by some distance.
Once the people renting your rooms have helped you to pay off the house, you can politely inform them it’s time to leave (with a suitable notice period, of course). But, again, ensure your tenants are good people by exercising relevant due diligence.
6. Buy Land To Build On
Someone suggests buying a plot of land and building a tiny house there. That way, when finances allow it, you can extend the house and make it closer to how you dreamed it would be.
Houses can be built in a way that makes them very easy to expand. Starting a project this way, with aspirations of creating something more extensive, can be exciting.
7. Choose Your Location Carefully
Several people point out that the most expensive houses are located near the most desirable locations, such as cities and popular amenities. It is, therefore, sensible to purchase a home away from those locations if you want to save money.
This strategy certainly won’t work for everyone. For example, if you need to be near a city for your job, it’s out of the question. However, it’s an excellent idea for other people.
8. Go To Open Houses
An open house is when prospective buyers view a dwelling for sale without an appointment. One says you should go to as many open houses as possible when looking to save money purchasing a home. It’s a great way to see exactly what you’re getting for your money and which properties are the best value.
9. Live in a Camper Van for a While
Another describes how his son purchased a camper van to live in when his home was being built. After the house was finished, his son sold it for a minor loss, meaning it didn’t cost him very much to live during that period.
This is an excellent idea for anyone having a house built or intending to purchase a home in the future. You can live cheaply and save money for as long as necessary and, if you wish, use the time to travel before you settle down.
10. Buy a Fixer Upper
A house in desperate need of repair may not look very appealing, but there’s a fundamentally positive way of looking at it. It’ll be cheap and, once you’ve bought it, it belongs to you. You can then spend your time and future earnings making the house your own, repairing it, and bringing it up to scratch.
Many suggest this idea, but it only applies if you can do the repairs yourself or are prepared to spend money getting other people to do them for you.
This thread inspired this post.
This article was produced and syndicated by A Dime Saved.