House prices have shot up in the past few decades, pricing many people out of afford to buy a house. Luckily there are other options out there that can be even better than buying a house for some people.
Microhomes
Microhomes are small living spaces that range between 200 square feet and 400 square feet. Micro homes consist of a singular room that contains the sleeping area, kitchenette and lounge. Micro homes are commonly built in cluster groups with other micro homes in the local vicinity, some of these homes may be attached to yours and you may share a communal toilet between several microhomes. Microhomes are being sold prebuilt for around £30,000. This can make for a cheaper option than breaking out the chainsaw and building your own home.
Whilst this is significantly less than the average UK house price of £284,000 you have to take into account the fact that you will likely need to buy the land you want to put your microhome on. Micro homes are a lot smaller than traditional homes which means that there is less room to store your possessions so it is important to be mindful of this and trim down your possessions or store things in storage.
Living In A Van
You can buy a van that you can live in that will set you back around £25,000 and an additional £15,000 or so to deck it out into a living space. The more luxurious you want your living space to be the more you have to be prepared to spend, but it is worth noting that buying and converting a van to live in is significantly cheaper than buying a house. Van life also allows you to travel wherever you want not having to worry about booking a hotel because your living area is always by your side. Similar to microhomes, van life means that you have a lot less space to store your possessions compared to a traditional house. This means that you will need to be mindful of what you decide to bring on the road with you.
School Bus Homes
School bus homes are becoming more popular, this option involves you purchasing an old school bus for around £2300 and converting the interior space into a living space which will set you back a further £23,000. But on the upside, you will likely have a lot of room to work with which can allow you to store more things in your school bus home than a smaller van. This option will often work out cheaper than converting a van too! Also, there is no reason why you have to keep the same exterior colour that the bus came in, this is your chance to be creative.
Live Abroad
If you have a skill that you can perform remotely such as digital marketing, coding or accounting it may be a good idea for you to relocate to a cheaper country to live in such as Vietnam, Costa Rica or Thailand as the cost of living is much cheaper there than the UK and you will be able to work remotely at UK based companies. Benefiting from UK wages in countries that have a low cost of living. This can allow you to save a significant amount of money per paycheck. Living abroad can also give you a catalogue of new experiences that you simply would not have access to living in your home country, providing you with exciting stories to tell your friends and family back home.
Renting Out A Room In A Home You Own
If you own a home and have a spare bedroom you could consider renting this out, which can make paying your bills easier as you have an additional income. If you are considering this option it is important to vet the person who is going to be moving into your property, it is better to offer this room to a friend or a friend of a friend than a stranger. Inviting a friend to come live with you can make for some fun experiences and you know for a fact that you like the person you are moving in with.
Move In With Your Spouse
If you are in a relationship and are looking for the next step you could suggest moving in together, this allows you to see each other more often and means that you will both save money on living expenses.
Living In A Shipping Container Home
Living in a shipping container is another promising option if you are looking to save money, buying a new shipping container will set you back around £10,000 however you can buy used shipping containers for around £5000. It may cost you around £20,000 to convert shipping containers into a livable space. You can combine and connect multiple shipping containers to extra living space.
Move In With Friends Or Family
If your friends or family are renting or own a house it may be a good idea to ask them if you can go live with them, for this to work you need to make it clear to them that you will pay your way and not be a hindrance to them. But this could mean that you all save money on bills and other living expenses.
Living As A Live-In Caretaker
Another way to live cheaply requires you to have a background in caretaking or have aspirations of switching your career to that of a caretaker. This setup will involve you looking after an elderly or disabled person in their home in return for being able to live in a room in their property rent-free, you will also receive a salary on top of this.
Being An Onsite Property Manager
Being a property manager involves you being responsible for various superintendent responsibilities including taking out the rubbish, cleaning communal areas and maintaining the upkeep of the property. In return for this, you will often be given cheap rent or sometimes your rent will be free.
Moving Back With Your Parents
If this option is available to you it may be a good opportunity to save money whilst you are living with your parents, the rent that your parents will ask you to pay will likely be a lot less than what you would expect to pay a private landlord.
Living In A Tent
Whilst this may not seem like the most ideal living situation there are some nice tents out there that can keep you warm and relatively secure. If you considering this option it is important to make sure you do some good research into tent options and the location you are planning to pitch your tent. It is worth noting that if you pick a location to pitch your tent that you don’t own or is otherwise unsuitable you may be asked to leave by the council or police.
Conclusion
There are plenty of ways to save money on your living expenses, research is your first step.