Owning a home overall is expensive. It is even more expensive when you take into consideration unexpected expenses that you may encounter like a water pipe bursting, repairs, upkeep, etc.. You face the daunting task of needing to find a type of home that’s within your budget.
Due to the fact that owning a home comes with many variables of finances, more and more people are looking at other ways that they can achieve their housing dreams without putting a huge strain on their wallet. Luckily, there are other housing options out there!
A Manufactured House
Manufactured housing is a popular alternative to traditional housing because it is comparably cheaper than buying a house. There is a big variety of manufactured housing but the most common because trailer homes or mobile homes.
It is a good alternative for housing in general but also especially for bigger families because of how that houses are designed to be spacious and roomy! They also have a pretty big scale when it comes to pricing. If you are looking to get a cheaper priced home you can get on between $10,000 and $15,000. However, if you are looking for a more upscale home they can cost between $45,000 and $60,000. This gives you the option to find a home that meets the living needs of your family as well as your financial needs.
An RVThis is a good alternative if you like to travel! While it is typically used by people who don’t have big families, you can also find an RV that is specifically meant to house everyone in your family!
You will find that RV’s are set up like miniature homes because they still have a kitchen, bathroom, bedroom (or bed area), carpeting, curtains, etc.! Typically, people who live in RV’s will park at campsites and campsites range from free parking to small fees. Each park will have their own set fee with some places being more expensive than others. Be sure to see if the campsite you will be staying at offers discounts for extended stay!
Start a Job as a Live-In CareGiverWhether you want to get into the field or already have your degree and/or experience. It may be an avenue you want to pursue. Even if you don’t want to make this your permanent life path, websites like care.com provide a good space for caregivers to offer their services to individuals in need.
Move into an Unfinished SpaceDepending on your financial situation, looking at an unfinished house or space to move into may be a good option for you. You can find a home that’s worth roughly around $10,000-$20,000 and then use any money you’ve saved up to start remodeling. While this may not be a good alternative for everybody, it can be nice to have a house that you designed that’s less expensive than a finished home.
Live on a HouseBoatA houseboat CAN be a cheaper alternatively if you properly find one. There are some pretty expensive houseboat options out there so you either need to rent one or you need to buy a used affordable one. Boat upkeep is pricey though so again, this may not be a great alternative for everyone but it is definitely cheaper than traditional housing.
If a houseboat is an avenue that you want to look into, then a good website tool to use is Boat Trader because you can see what reasonable options are available by you!
Rent Someone’s Guest HouseThis is similar to traditionally renting a home but a little less expensive! If there is an available guest house, the homeowner may offer to have it up for rent. It will have all the amenities that a normal house would like a bedroom, bathroom, kitchen, shower, etc., but without the pricey cost of a main home! You would find listings like these on websites like RadPad and/or Craigslist. When using these websites you want to be sure that you are going to live in a reputable spot with a reputable landlord so be sure to ensure that you get credit checks and background checks of the landlord that you might be renting from!
Buy a Duplex or Triple Unit BuildingWhen looking to purchase a home you may think that a duplex or a triple would be more money because you are getting 2-3 living areas. However, that is not the case! You are able to lower the cost of your housing with a normal living space while making it affordable. You then get extra income by renting out the other unit(s)!
Become a Live-in Airbnb Property ManagerMany people have found success when renting with Airbnb. However, some Airbnb hosts want to travel while still being able to keep their Airbnb active. This is when property managers come into play. As a property manager, you will stay at the home while the host travels and handle the turnover process.
The only downside is that you are unable to stay at the house when the house is being rented out so you will be responsible with finding another place to stay in the meantime and that can be an issue for guests who are renting for an extended stay!
Tiny HouseThis is not an alternative for everyone, especially if you like/need a lot of space. However, if you are able to just live off the essentials of a house you will be able to move into one of these tiny homes.
Tiny houses can go brand new for between $50,000-$60,000 and even less than that if you are buying used. It is less expensive than traditional housing and can save you huge amounts of money both on housing and lifestyle expenses!
Bus HomeSimilar to RV homes, more and more people are deciding to take their houses on the road! This is a great option for people who like to travel and don’t need a lot of space.
You can either buy a bus home that’s already been converted or you can do the designing and converting yourself! You will need to understand your finances, look at the cost of a home, as well as look at costs associated with converting it into a home!
Overall traditional housing isn’t for everyone! Luckily there are many alternatives that you can look into to see if it would better suit your finances and living situation.
Overall housing can be super expensive! It is just important to make sure that you know your options and find what’s best for your budget and lifestyle!