Housing can be very expensive, but there are ways to get a bigger house for your money. It's sensible not to stretch your finances to the limit, but even if your budget is limited you can still use it wisely to get more space. Here are some possible ways to get a bigger house for your budget …
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1. Less Popular Area
One of the ways to get a bigger house for your budget is to choose a less popular area. If your preferred area is too expensive, you have two choices: either buy a smaller place where you really want to live, or look for a bigger house in a cheaper district (or even in a different town). If what really matters to you is to have more space, then you'll need to look somewhere cheaper.
2. Renovation Project
You could also consider taking on a renovation project to get more space. Look for a home that is priced realistically to take account of the cost of any necessary renovations. The cost of the house + renovations should still be less than a fully-renovated house would cost, or you will need the skills to work on the house yourself.
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3. Best Mortgage Deal
Getting the right mortgage deal could make a crucial difference towards making a larger home affordable. If you can find a good deal, it may make the monthly payments on a larger home accessible. Be sure that you have some room to manoeuvre should interest rates rise.
4. Buy at Auction
There can also be some bargains on houses sold at auction. Do your homework on buying at auction first, as it is a very different process from buying on the open market. People often sell at auction to achieve a quick sale, so you may pick up a bargain there.
5. Foreclosed Property
Another possibility is to look for a foreclosed property. Some people feel that this is capitalising on the misery of others, but somebody has to be in the house and it may as well be you. The banks generally want to offload the property quickly, so may be willing to accept lower offers.
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6. Room to Extend
Perhaps you don't actually need more room right now, but think that you will want more space in the future. If that's the case, look for a home that can be extended. Converting a garage or an attic can give you valuable extra room and it will probably be cheaper than moving to a larger house later.
7. Wait
Surprisingly, you may actually get more for your budget if you wait to buy a house. This is far from guaranteed, and a lot of people are reluctant to wait for fear of being priced out of the market. But house prices don't always go up - and have been known to fall. Time it right, and you may be able to grab that bigger home at a lower price.
In most cases it makes sense to try to get the maximum space for your money. Having a larger home will allow you room for a growing family, accommodate elderly parents, or have guests to stay. It will also give you space for hobbies or to run a business from home. What would you prefer - a smaller home in a great area, or a larger one somewhere else?
