alternatives to home-buying
- Posted by e2 on 07.18.09
- Tags Modern Family, The Evolving Family
During the next decade, overall housing demand is expected to run well ahead of supply. This means that housing prices will probably continue to increase. To get best housing for your money, you may want to consider one of the alternatives to buying a single family home on its own spacious lot that have become popular in recent years. Some of these alternatives are described below:
Moving to rural areas – Many people find that if they are willing and able to live 20 to 40 miles from their jobs, they can obtain housing at relatively reasonable prices. This is especially true around cities such as San Francisco and Washington, D.C.
Small “no frill” houses – Some builders are selling houses that comprise about 1,000 square feet, have two bedrooms and one bath, and lack some of the standard conveniences such as a dishwasher and carpeting.
Cluster housing – In cluster housing, a small building might contain three to five individual tenant-owned units. The buyer might lease or own the land. Such an arrangement saves on land cost and heating and cooling costs and can mean a savings of $15,000 to $30,000 over standard new single-residency housing in the same area.
Condominiums – The most popular alternative, condominiums are dwelling units in a group-owned building or on group-owned land. Some people think that condos provide the best of home ownership and renting by giving the buyer ownership without exterior maintenance chores.
Rehabilitating inner-city housing – This alternatives is becoming increasingly popular in established cities. Inner-city buildings are often cheaper than similar buildings in the suburbs but taxes are often higher in the city.
Building your own – Many companies now sell kits that allow the buyer to construct the house. Other companies will do the majority of the construction (the foundation, exterior walls, basic plumbing, and electricity) and leave much of the interior work to the buyer.
Renting – Rentals are hard to find because of a near halt in construction, a very low vacancy rate, and conversions to condominiums. However, some one-family homes, especially in the city, are being divided into apartments.
