In many ways, being able to buy your own home is often seen as a marker of success. It’s easy to see why this has come to be such a common way of thinking, too. If you own your own home, not only is it a sign that you’re financially solvent, but it also signifies that you’re responsible and trustworthy. It’s the ultimate status symbol.
However, it’s not for everyone.
The societal belief that owning a home is the pinnacle of success is in need of a little updating for the 21st century. What might have once been seen as an essential to be able to claim to be successful is no longer the norm. There are many reasons for this, but one of the most pervasive is the fact that millennials are being priced out of the housing market when it comes to buying fully-fledged houses.
So - what are the alternatives?
Started with the close-but-not-quite option, owning a condo does still have that element of cache about it. You’re still going to need to find the money for a deposit, and you’re going to have to pay a mortgage.
However, it differs in many ways from owning your own home outright. As the Jupiter Ocean & Racquet Club JUPITER OCEAN AND RACQUET CLUB’S CONDO AND BUYERS CHECKLIST demonstrates, condo living involves paying a fee to a management company who can maintain the building and amenities on your behalf. That makes it a great option if you’re worried about ongoing maintenance costs when you buy your own house; with condos, all that concern is outsourced for a simple monthly fee.
Condos are more restrictive in terms of who can buy them and what you can do with them, but that’s the exchange you make for a more assured home.
Obviously, renting is the next option that you should consider if you don’t want to buy your home. You might immediately dismiss the idea and decide to continue saving for a deposit, but the truth is, renting has its perks.
If you’re renting and a water pipe breaks, that’s not your problem. You just call the landlord and they deal with it. The same applies to all ongoing maintenance issues. You don’t have to worry about insurance, renovations, or structural damage; you just live there without any of the burden of ongoing costs.
When you put it like that, renting begins to sound pretty attractive.
Finally, if bricks and mortar is outside of your budget, then a houseboat might be more affordable. There’s plenty of flexibility to being able to move your home wherever you want, so you don’t need to worry about trying to sell your house quickly should you be offered a job in another city.
The downside is that houseboats tend to be small, which means they may not be ideal for a family. If you’re a professional couple, however, they might just be a feasible alternative that will save you money and offer a unique and exciting life experience.
What are your thoughts?