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The American economy is doing some pretty crazy things right now. Few, if any industries have been left untouched. The housing market, in particular, has been significantly impacted, making the cost of purchasing a house increasingly out of reach. That doesn’t make a home any less of a necessity though. The good news is that there are some more affordable alternatives to the traditional home that are worth considering.
A Tiny Home
Generally speaking, the larger a house, the more expensive it is. The reverse tends to be true as well, making a tiny house a more affordable housing alternative. You spend less on the home itself and less on utilities. Some tiny homes can even be on a trailer. Moving your house has never been so easy, though you’ll need a big truck to tow it. The tricky thing is finding a place where you can settle down. It may sound strange, but tiny homes aren’t always legal, so you’ll need to be aware of what different areas allow.
If you want something a little closer to a traditional home but that is generally more affordable, a modular home may be the way to go. Modular homes are generally factory-fabricated, which reduces the amount of time it takes to build them and improves quality control. You still have a permanent foundation, unlike a mobile home. You may have fewer options as far as customizing it goes than you would with a traditional home though. Modular homes tend to be less expensive too, though the price will change depending on the area, options, and materials used. You’ll also have to pay for things like landscaping, utility hookups, driveway paving, and the foundation, just like you would if you were building a home.
It can feel frustrating to put money towards rent that could be going towards a property that you own. When you buy a condo, that’s exactly what you end up doing. The difference between an apartment and a condo is primarily that you rent an apartment but own a condo. The smaller space is usually cheaper, and you don’t have to deal with landscaping, pool cleaning, shoveling snow, or general maintenance. You will almost certainly have to be part of an HOA and pay fees that cover those services though. Condos can also be tougher to sell when you’re ready to move elsewhere.
Having a place to live should never be considered a luxury. While the price of a more traditional home may be out of reach, alternative solutions such as tiny homes, modular homes, and condos are worth considering. What works best will depend on your household and circumstances. Be sure to check out any resources in your area that can help as well. Owning your property may not be as far out of reach as you think.
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