How to Live Mortgage Free by Choosing a Nontraditional Home
Monday, March 4, 2019, 6:00 AM | Leave Comment
The economic crash in 2008 has left many people with a great deal of anxiety when it comes to purchasing real estate.
Homeownership has long been a marker of American success, but for many the costs associated with purchasing their first home and maintaining it through repairs and mortgage payments has become a barrier to entry.
Due to these economic burdens, nontraditional homes have seen a massive uptick in popularity in recent years.
Nontraditional housing options are usually far less expensive than traditional homes in a variety of ways.
Though many of these options are smaller than a traditional home, this directly translates into money saved through lower utility bills and mortgages that are either non-existent or negligible.
While nontraditional homes are not right for everyone, they are at least worth looking into for those seeking to live potentially mortgage free.
Image Source: Pixabay
-
Tiny Homes
The tiny home movement has been in full swing for years now despite initial apprehension on the part of many analysts. While tiny homeowners only make up a small portion of the market today, more and more are being drawn in from the benefits of tiny homes. From their sustainability to their general low cost, tiny homes are a big draw for a lot of people looking for affordable housing.
Tiny homes can be especially attractive to first-time home buyers as their significantly lower cost when compared to traditional homes makes getting funding together much easier. Additionally, most people end up moving out of their first homes after around six years, so a small home that will work in the short term can be very appealing. Tiny houses generally take significantly less capital to maintain, as virtually any job that needs doing will require a fraction of the time and materials to complete.
While the hype around the tiny home movement has been hotly debated for years, it has become apparent that there is some truth behind all the talk. Tiny homes appeal to more than just millennials strapped for cash; they draw in baby boomers looking to downsize in retirement and Gen Xers who want to have a small space to house guests. Though zoning laws from city to city can be a bit of a headache when it comes to tiny homes, their low price point has been enough to cement their place in the modern housing market.
-
Barn Living
For those who want the benefits of inexpensive, non-traditional housing but balk at the idea of living in the confines of a tiny home, there are still options available. Living in a barn, though it may sound a bit more rustic than most urbanites would prefer, has actually become a rather posh experience. Barn living combines the affordability of manufactured homes with the luxury and practicality of modern, spacious living quarters.
Barn living can be accomplished with hybrid apartment barns, which combine a living and working space, or fully dedicated barn homes. Pole barns that you build yourself come with a variety of benefits, from their low cost to their relative ease of construction. Open floor plans and sturdy construction make for beautiful, affordable, and long-lasting modern homes.
While modified barn homes provide the luxuries of modern living with a bit of rustic charm thrown in, there are some barriers here for the aspiring barn owner. Generally, these types of homes require a large plot of land, which makes them extremely popular among farmers, ranchers, and even those who run vineyards. However, a good amount of people seeking affordable non-traditional housing don’t usually have several acres of land at their disposal.
-
Staying Mobile
Luckily, land ownership is no longer necessarily a prerequisite to home ownership, as long as people are willing to bend their definition of what a home can truly be. In past years, the image of a couple taking off across the country in an RV was generally reserved for people who had reached retirement age. Today, however, that has completely changed. While there are some aspects of driving an RV that take some getting used to, their mobility is an incredibly helpful asset. With the rise of mobile homes and fifth wheels with all the comforts of home built on a set of wheels, more and more people of all ages are leaning towards permanently traveling.
While some people are fully content selling their homes and living in a camper van, there are more luxurious options available to the more discerning traveler. Modern recreational vehicles have all the trappings of a tiny home but maintain a level of flexibility that can’t be matched by any other nontraditional housing option. It is common to see king-sized beds, full showers, and functional kitchens all rolled into one portable and affordable package, whether it be a fifth wheel or a motorhome.
Not only do modern RVs and fifth wheels cost a fraction of what a traditional home costs, their upkeep and maintenance is also incredibly affordable. Unlike tiny homes or barn living, mobile living doesn’t require you to own any land whatsoever, and generally lot fees are miniscule when compared to the monthly cost of a traditional mortgage. Staying mobile also allows you to travel with the weather, avoiding costly heating and cooling bills that plague landlocked homes.
Whether someone lives in the city, the countryside, or wants to live in a bit of both, there are low-cost housing options available to them. Nontraditional homes have made a big splash in the housing world, and for good reason. Affordable living no longer has to be synonymous with uncomfortability, and people of any age can live the life they want without breaking the bank.
Throw us a like at Facebook.com/doable.finance
