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Housing costs can take a considerable chunk out of your monthly budget, leaving you with little left over for food and other expenses. While mortgages and typical rents may seem high, you can put a roof over your head without breaking the budget.
This will take some creativity, but you don’t have to be too creative. Just read the rest of this article, and you’ll see some savvy ways to save on housing.
STOP!
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1. Live in a tiny home.
Look around your current living arrangement. Do you see a ton of unused space? If so, a tiny home may be worth looking into.
As its name suggests, a tiny home or house is quite small. With fewer square feet (around 500 total, on average), you have lower costs when it comes to utilities. With less space, there’s also less of a need to buy a ton of furniture, which adds to your savings.
As more and more people look to cut costs, tiny houses are becoming more popular. Before you think living in one sounds uncomfortable, look around for some in your area. Who knows? You may enjoy the simplicity, while you’ll definitely enjoy the reduced expenses.
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2. House hack.
When you buy a home and recruit other people to help you pay the mortgage, you are house hacking. While it sounds risky, it can be profitable if you don’t mind living with others.
Multi-unit properties are often the most ideal for house hacking. For instance, if you have a three-unit property, you can live in one and rent out the other two units.
You can even house hack in a single-family home. Let’s say you have a four-bedroom house. You can live in one room and rent out the other three bedrooms to long-term renters or via Airbnb.
Doing so can help you cover the mortgage for the time being until you feel like living alone. Or you can even profit off of it and add it to your list of income streams.
3. Share a co-living space.
If you’re looking for affordable housing and the bonus of meeting new friends, try a co-living space.
This somewhat new concept is ideal for digital nomads that need nothing more than a laptop to earn an income.
Instead of having some random roommate, a co-living space puts you in an environment with others who have like interests. Even better, they may be entrepreneurs you can collaborate with to expand your reach and secure your financial future.
Although the thought of sharing a home with someone else may not be your cup of tea, have a look at example co-living spaces online. Some are set in lush environments and amazing homes that can be surprisingly affordable since you’re sharing costs.
4. Get an RV.
If you have an adventurous spirit and aren’t tied down to a job in one location, getting an RV may give you the best of both worlds.
Instead of putting a down payment on a house, you could use it to buy an RV and live debt-free. Then you can take off, explore the country, and have a once in a lifetime experience until you’re ready to settle down.
