Bigger homes often come at a bigger price. This can be challenging for those on a tight budget that physically need a larger home (i.e. those with a growing family). Fortunately, there are ways to reduce the cost of a bigger home. Below are just a few solutions.
Be less picky about the location
The location has a big impact on the price. If you’re hoping to rent a bigger home in a city, consider checking different areas of the city to see how prices differ. The most desirable locations are the most expensive, however, you may be able to save money by moving to somewhere that’s up-and-coming.
A compromise
Many people find that they’re able to afford a bigger home at a cheaper price by making location sacrifices like moving to somewhere that’s noisier or somewhere that’s less central. Just make sure that you make the right sacrifices – moving to somewhere with a high crime rate can result in cheaper prices, but is generally not worth the risk (especially if you’ve got kids).
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Buy a fixer-upper
Fixer-uppers are homes that are not in great condition. They typically need a lot of repairs, but as a result, they’re cheaper than homes of the same size that are in good condition. If you’re buying a home, consider looking around for these types of properties. Make sure that any repairs needed are not urgent, otherwise, you’ll have to budget upfront for these too.
Ideally, you want a property that you can buy cheaply and put up with for a few years until you save up enough money or gain enough equity for repairs and improvements – why not check out Flooring Hub.
Look into new builds
When it comes to buying property, new builds are often cheaper than older properties. In fact, you could find that you can get a three-bed new build for the same price as a two-bed older property in some areas. New builds have other perks beyond being cheaper – new builds as offered by developers such as Bellriver homes builders can often be customised during construction. First-time buyers may also be able to grab discounts or free funding for new builds. On top of this, you can guarantee that a new build will be more energy-efficient and have less wear and tear than an older home.
Share a home
If you’re single with no kids and you’re looking for somewhere bigger to rent or buy than your current home, it could be worth looking into sharing a home. While you may only be able to afford an apartment on your own, renting somewhere with a friend or sibling could allow you to explore bigger options like houses. If you’re buying somewhere, you can meanwhile take on a lodger to help pay for bills.
Convert or extend to add space
Renovation of your home is a great option.
If you’re a homeowner, another option may be to simply convert or extend your current home to make it bigger. For example, it may be possible to convert an attic into an extra bedroom. This could give you the added space you need without moving, and it could be a lot cheaper than moving.
