Everybody has an idea of their dream home somewhere in their mind’s eye. And, often, the reality of what we want is horrendously expensive. But it doesn’t have to be! If you put a little thought into how you go about things, there is every chance you could save a lot of money while moving into or creating your dream home. Here are some ideas to get you thinking.
Buying an old, dilapidated home and doing it up yourself can be incredibly rewarding, and if you are wise in how you do it, you can save a lot of money. It will take you some time to find the right property, and there are several things you need to bear in mind before taking the plunge.
First of all, you have to make sure that what you spend on it won’t be more than what you save on the discounted price. If there are a lot of problems to fix, your costs can soon get out of hand. Also, you need to think about how you will pay for it. Your new house won’t be ready for some time, and you will be paying a second mortgage on it until it is safe and comfortable to move into.
Build Your Own
Another option is to build your own. All you need is a plot of land and an idea of what you want in your new house, and you can get started almost straight away. It doesn’t matter if you have never had any experience, either. There are plenty of services like Monogram Homes that will help you from the start of the design process to the very end. Just be aware that whatever you do may need to pass local regulations, so keep in touch with your local housing authority to make sure you aren’t breaking any rules.
Property Auctions can yield great results for you – as long as you are patient. While you can get some bargains every now and again, you can also end up paying over the odds. It all depends on who else wants the property. Have a maximum budget in mind and never be tempted to push over that limit. Even an extra $1,000 could put you in an awkward position, and is not likely to return a good deal in the long-term.
However, if you play the long game and visit the auctions regularly, you should see where the bargains appear. Many people at auctions or seized home sales want to buy somewhere they can move into, but not many will want to pay for a project. If you are prepared to put in a bit of work after you have won your bid, you will often find you will get the best deals.
Are you living in your dream home? If so, how did you go about buying it? We’d love to hear some of your stories so let us know in the comments section below.