Traditional home ownership, while appealing, may no longer be possible for younger people and their financial situations. The costs of houses continue to rise, making buying a property very difficult for a lot of people. However, there are some alternatives to buying a property outright that can still enable you to have a home of your own and embrace the freedom of moving out. These different options offer a lot of flexibility to meet your personal financial circumstances. In this article, we will explore some of these house-buying alternatives so you can own a home of your own and start your own life adventures.
If you live in the UK, the government has recently brought in a few schemes to help people buy a home of their own. These are schemes such as shared ownership which applies to newly built properties and enables the buyer to purchase a percentage of a property and then buy subsidised rent on the remaining amount of the property. This enables the buyer to still own the property yet they do not have to take out a large mortgage for the full amount of the property. You can then staircase and buy the rest of the property at a later date if you choose to.
Although multi-storey houses with many bedrooms may be well out of your price range, you may want to consider looking at smaller properties to start out with. Consider purchasing an apartment or park home. These types of homes still offer you your freedom and your own place, however, they do not cost as much as a large townhouse. You can find Gloucester Park Homes for Sale from a company such as http://www.parkhomelife.com/our-parks/orchard-park-homes-gloucester-gloucestershire/
If you are not too concerned about owning a home yourself, you may want to start going down the avenue of renting a property instead. Renting still gives you your own place to stay, however, the property is owned by someone else. Depending on your lease contract, you can stay in a property for as long as you like, as long as you continue to make your rental payments to your landlord. One advantage of renting is that you do not need to worry about paying for repairs or structural issues, as this should all be handled by your landlord.
