In the modern property climate, buying a house might seem very daunting. Filled with important things to remember, large deposits and difficult-to-understand mortgages, it can be a lengthy process that’s not for the faint-hearted. However, it doesn’t have to be that way! With alternatives to buying a property on your own now available, you can have your dream house without all of the drama. If you think that traditional house buying isn’t for you, here are four alternatives that you can sink your teeth into:
Build Your Own Property
Ok, so this might seem like you’re diving in at the deep end. But if you’ve always wanted to have your own home but don’t want to buy the traditional way, it’s a viable option. Many homeowners also find that this is a lot cheaper than buying a house through the property market. Giving you the freedom to design and build your dream home, you’ll be in control of the finishes – adding your own unique touch to the property.
Buy A House At Auction
When you’re looking for a new home, it’s invaluable to visit an auction. No matter where you’re located, it’s a good opportunity to discover dozens of houses that are for sale – varying in price and age. Although some may need renovating, it’s a cost-effective solution that will give you the chance to see properties that aren’t readily available on the market.
Shared Ownership
If you want to buy a new build but you don’t have the money to pay for it upfront, this housing association scheme can be a great choice. If you opt for shared ownership, you’ll purchase a share of the house, whilst paying a small amount each month that’s left of the initial cost. Before taking the leap and agreeing to shared ownership, however, it’s important that you thoroughly research the scheme so that you’re aware of the monthly payments and other important aspects of it.
Purchasing With A Friend or Partner
With the increase in property prices, many people are turning towards purchasing a house with friends or their partner over buying it solo. Using two wages instead of one, you won’t have to worry about taking on all of the mortgage and bills on your own. Helping you to budget and opening up opportunities within your lifestyle, it can be a valid option – no matter what your age. However, if you choose to do this, it’s a good idea to get an agreement signed between the two of you, declaring the split of the bills and other aspects that you will have to consider in the purchase.
Final Thoughts
So, there you go. Those are just four of the alternatives for traditional purchasing. Of course, what you decide to do is up to you. Owning a home is a big move that should be taken seriously and not decided upon quickly. Therefore, you should take the time to compare different options, aligning your budget and lifestyle with that which is available to you.
