There are basically three ways to obtain a home without having to take out a mortgage to get it. The first one is to save up your money until you have enough to pay cash for a home of your choosing. Sounds simple enough but the problem is you have to live somewhere while you are saving up your money, and it will take years to do it. Somewhere is usually a rental home of some kind, and the rent it will require will take up a lot of your hard earned cash. That’s a big problem. To overcome this problem you need to think a little differently.
The second way to own a home is different from what most people would consider to be normal, and will actually help get you to the first way, if the goal is to eventually have a larger more conventional home. You can buy or build an unconventional little temporary home so you can save money much faster.Unconventional homes include tiny homes on trailers, RV’s, Conversions (making a home out of a bus or truck), and boats along with other things that can be lived in comfortably for awhile. This way you can build or buy some form of unconventional home to live in right now and own it without using any kind of mortgage or loan to get it. You can live in it while you save up money to build a larger and or different kind of home when you can afford it.
The third way to own a home is to start building it board by board as you can afford it. Obviously smaller and simpler home designs will accommodate this much faster. That doesn’t mean you can’t eventually have a large home if that’s what you want, just that you need to build it in phases. Some home designs can accommodate this easily. Build the center section of the home, just a main room, kitchen, bedroom and a bathroom first. Later you can add additional bedrooms, bathrooms etc. if you like. Do some research on Cape Cod type designs just to get an idea of what we are talking about here.
When you have a mortgage you don’t really own the home that is mortgaged – the bank or mortgage company does. If you think otherwise, miss a few payments and see what happens. Of course that’s not what they tell you. They tell you that you are a home owner. You own the house, and all a mortgage means is its just pledged as security so you can get the money to buy it or build it. The truth is you either own something or you don’t. If someone else can take it away from you because you owe money on it then you don’t own it. That’s just real life without the sugar coating.