Buying a property is something that many people aspire to do but many do not realize the range of options for housing and financing possible. It is important to be aware of the different types of purchase options before you start shopping; it can make a big difference to your approach or the amount you need to save before you can get started.
One option that many people do not consider is a pre construction home in Toronto or whichever area of the country you live in. You can find out details of any projects happening near you through a local realtor such as Superior Realty Point Brokerage. They will do more than advise you of the local builds which will be about to start. They can assist you through the buying process and ensure you get a property which is suited to your needs and budget. They will also ensure you are aware of any potential issues before you commit to the purchase. If you get in early enough you can find that you have the pick of the property and you will almost certainly benefit from the latest advancements in lighting, heating and smart technology.
This is the standard approach which many people adopt. You simply look for a suitable property in the vicinity of your current address and then, once you have the down payment and the mortgage funds in place you can make an offer and go through the standard process of purchasing the property. This is a tried and trusted way of purchasing a property but you may end up with something that needs a considerable amount of work. It is worth comparing the price of a property needing work to a pre-construction town home in Toronto; it may be cheaper to move in as soon as it is finished knowing that nothing needs to be done!
The idea of a tiny home, often built on the back of a trailer or created out of a shed, is gaining rapidly in popularity. This is because these homes can be created remarkably cheaply. In most cases you build the home yourself or have someone build it for you. There is not much of a market to purchase used tiny homes yet. As per their description these homes are small but you will have the advantage of no mortgage and very small bills. Some are also mobile!
Finally, one option that many people do not consider is to purchase an RV. These vehicles can be huge and may take years to be affected by any real amount of depreciation. There are many places where these vehicles can be parked for free or you can even purchase your own plot to put them on. Again, the ongoing costs and bills are minimal providing you are happy living in a less conventional home. Perhaps the real question should be what is more important to you; the status of a big property or the financial freedom of a small property? You may find your answer to this changes over time!