For first-time homebuyers in Charleston, the barrier to entry in the market is the sheer cost of the property. Properties near the city center have a median price of $350,000 for starter homes, which may seem reasonable to those who live in cities such as New York and San Francisco, but for Charlestonians, this is out of reach when salary bands are taken into consideration. For Charlestonians, this means a short supply of property and high competition on the rental front. But there are other ways to get into the property market.
Debt-Free In 200 Square Feet
Tiny homes are getting a lot of attention, thanks to reality programs that feature on Netflix and cable. These homes are often built with a focus on sustainable living. However, a large portion of the decision-making process lies in the opportunity to live debt-free. Charleston provides ample room for tiny home dwellers to hitch up and rent land, as well as opportunities to buy a small patch of land. For those who want to take it one step further in terms of cost-saving and repurposing, there are a number of salvage yards and depots for recycled materials in and around Charleston.
Innovative Property Designs
One of the most important factors to keep in mind when choosing a property, whether an existing one or a newbuild, is whether the property is in the right area. According to Paradisa Homes, the location is an integral component of the house-buying experience. One of the ways to get into a decent area without having to fork out a ton of cash is by purchasing land in a good area. Some companies offer ingenious ways to build homes out of recycled materials, and the current trend is to upcycle shipping containers. Several of these containers can be stacked to create the desired square footage.
Get Your Hands On A Fixer Upper
There are advantages and disadvantages of buying a fixer-upper, and it’s definitely not for everyone. First-time homebuyers who don’t mind getting their hands dirty and have a knack for repairs and maintenance will find fixer-uppers a welcoming challenge. The key is to find the cheapest house in the best area, and then upgrade the property to the desired level. For those who don’t have the immediate budget to do it all straight away, this process will take a lot of patience, and the property might not look the way they want it to for a long time. Once it’s done, however, the homeowners will have the benefit of a good house in a good neighborhood at a lower cost.
There is no reason to get in over your head on a mortgage, and if you can’t avoid it, there are some great alternatives to help lower the cost.