First-time buyers have been finding it increasingly difficult to get onto the property ladder – even with governmental support. Getting a mortgage used to be a much simpler process. Now, with complex criteria getting a mortgage can be very difficult indeed.
- Lower income poses an issue because lenders will look at how affordable a mortgage is, often not taking into consideration that the person has been paying rent for years, often at a much higher cost.
- Down payments can be an issue too. The higher the deposit you have, the better prospect you will have.
- Bad credit is one of the biggest hurdles people face when trying to get their first mortgage. Missed payments, credit cards, closed accounts, and utilities all feature on your credit file.
One of the earth-friendly alternatives to traditional housing is an earthen house. Earthen houses come in different varieties:
- Cob and adobe houses are a mixture of straw and earth. They are long lasting, and can resemble conventional houses, or houses that you may associate with the Hobbits from Lord of the Rings.
- Earthbag houses are constructed using bags of earthen type materials. The earthbags are stacked to make the walls. Earthbag houses don’t use framing.
- Rammed earth homes fill forms with soil that is then packed tightly, and are very solid homes.
Metal homes can be cheaper than traditional homes to build, and they can last longer too. You can have a metal home constructed and then placed on the land you own.
- Quonset huts are a popular choice. Quonset hut homes are easy to place and are characterized by their distinct shape and features.
- Container style homes are usually more square in form, and are becoming very popular. Usually constructed from shipping containers, these homes are cost-effective, durable and completely customizable.
A Tiny House is exactly as it sounds. Tiny houses were partly conceptualized due to the increase in house prices and the difficulty getting a mortgage. They are designed to have everything you need to live comfortably and nothing more. Everything within the home is usually multiple purpose, and they are cheap to run and maintain. Tiny Houses are usually no bigger than 400sq ft. Tiny Houses also lend themselves to a minimalist lifestyle.
Transforming a regular van or bus into a house on wheels has been the perfect combination of living space and adventure. Although the initial setup of the vehicle home may take some time, they can be comfortable and multi purpose. One of the biggest pros for a vehicle based home, is that it provides the owner with freedom that traditional homes don’t and the possibility to live a more minimal life, like a tiny house but on wheels.
Building a tree house may not be too expensive, and they can be perfect for full-time living. Treehouses let the owner stay in touch with nature in a special way. Treehouses are also associated with a tranquil lifestyle and incredible privacy.
Alternatives to traditional housing may be the best way to skip all of the paperwork, stress and added cost associated with a mortgage. You can free yourself from the traditional, and still have somewhere to call home.
You can read the original article at www.fluxmagazine.com
2 thoughts on “Possibilities for Living Without a Mortgage”
Hi Kelly, thank you for thislarge amount of resource and encouragement for people to learn how not to have a mortgage.
There is a movement called SkIP–Skills to Inherit Property–which is based on Permies.com here is a link.
SkIP: develop the Skills to Inherit Property
Skip the rat race
Skip the mortgage and debts
Retire in your 20s
People go to college to be able to enter the professional workforce. The goal is that after 40 years of working they will be debt free, own a home and have enough set aside to carry them through retirement. For a lot of people, that retirement package includes a few acres in the country.
There is a shortcut.
There are millions of people that have good land, with a house or two, a good tractor and truck, and they wish to will their land to somebody worthy. All you need to do is build the right skills that demonstrate that you are worthy.
you can learn more about SkIP at permies.com
Good work! I love how you offered types of ways to build with earth. Living without a mortgage would be “heaven”. Great possibility for saving the mortgage money for something else.