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Six Unconventional Ways to Become a Homeowner

Six Unconventional Ways to Become a Homeowner

Each month as you write your rent check, you dream of the day when you’ll be able to write a check for your mortgage instead. No one likes throwing money away to a home you’ll never own, which is why home ownership is considered the American Dream, but has that dream seemed like it’s always just been out of reach for you? It actually might be closer than you think. Here are six options you may not have considered that could transform you from a renter to a homeowner:

  1. Buy a Mobile Home.

Mobile homes may not be something you dream of, but the truth is they can be great starter homes to get you out of renting. At about $41 per square foot for a mobile home versus about $83 per square foot for a new house, these manufactured homes are a lot more affordable than your average house.

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An advantage of buying a mobile home over a new house is that you can walk through the exact house you’ll be getting, and you won’t have to worry about building delays and new development headaches. Mobile homes can also be customized to feel more like a traditional home with garages, decks, and vaulted ceilings.

  1. Buy a Modular Home.

A modular home is similar to a mobile home in that they are manufactured in a factory. They differ slightly from mobile homes because they are assembled in pieces and moved to a permanent location. They are insured and appraised the same way that a traditional home is, and you can even purchase a warranty just as you would with a traditional  house. Modular homes can be customized and take less time to build than a traditional home. You can also expect to pay 10 to 20 percent less for your modular home than if you had the same thing stick-built.

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  1. Build Your Own Home.

If you have the budget for a new home, you might consider building your own. The good thing about new construction is that you know exactly what you are getting and aren’t as likely to experience those little “surprises” that often develop in an older home. Choose a reputable builder and ask about your customization options to make sure you get a home you love. You can even talk with your builder to see if you are able to work on some of the building yourself to reduce costs. Remember that you’ll need to own the land to start building a new home, so shop around to find a good deal on a piece of land you’ll enjoy for years to come.

  1. Go to an Auction.

Auctions are a good choice if you have a large amount of money saved in the bank. You will have to pay the full amount you win the house for at the auction, but if you can afford it you can get a great deal.

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If you watch any of the home flipping TV shows, you’ve probably seen people buying homes at an auction and were impressed with the deal they got. One thing you don’t want to do, though, is be like them and buy the house mostly unseen. Do your homework and evaluate the home before you spend the cash. Understand that if you purchase a home at an auction, it’s likely going to take time and money to get it to the condition you want.

  1. Obtain Special Financing.

Look into what options you have when it comes to financing. Rural areas have the U.S. Department of Agriculture’s Rural Development Single Family Housing Guaranteed Loan Program that offers zero-down financing. However, don’t assume rural means “country” and isolated. Homes can be found around major cities. You just need to check if the address is eligible for the loan. If you don’t qualify for this option, do look into other down payment assistance programs and financing that are available to first time home buyers.

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  1. Get a Co-Buyer.

What’s a co-buyer? It sounds just like what it is. Someone buys the home with you. This is often done with a younger and older generation, such as parents buying a home with their adult children. You can find a property that has separate living areas so it doesn’t feel like you’re back home living with mom and dad.

If you’d rather not move in with your parents again no matter the space on the property, maybe you can get your parents to cosign the mortgage to get a more affordable interest rate if they have good credit. Another option is asking mom and dad to purchase the home for you in their name and let you pay the mortgage as rent.

You could also buy a home together with friends or even your siblings.

There you have it- six ways you can say goodbye to renting and hello to home ownership. Think outside of the box, and you might just be one step closer to home ownership.

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Anum Yoon

Writer & Journalist

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Last Updated on March 13, 2019

How to Get out of a Rut: 12 Useful Ways to Get Unstuck

How to Get out of a Rut: 12 Useful Ways to Get Unstuck

Have you gotten into a rut before? Or are you in a rut right now?

You know you’re in a rut when you run out of ideas and inspiration. I personally see a rut as a productivity vacuum. It might very well be a reason why you aren’t getting results. Even as you spend more time on your work, you can’t seem to get anything constructive done. While I’m normally productive, I get into occasional ruts (especially when I’ve been working back-to-back without rest). During those times, I can spend an entire day in front of the computer and get nothing done. It can be quite frustrating.

Over time, I have tried and found several methods that are helpful to pull me out of a rut. If you experience ruts too, whether as a working professional, a writer, a blogger, a student or other work, you will find these useful. Here are 12 of my personal tips to get out of ruts:

1. Work on the small tasks.

When you are in a rut, tackle it by starting small. Clear away your smaller tasks which have been piling up. Reply to your emails, organize your documents, declutter your work space, and reply to private messages.

Whenever I finish doing that, I generate a positive momentum which I bring forward to my work.

2. Take a break from your work desk.

Get yourself away from your desk and go take a walk. Go to the washroom, walk around the office, go out and get a snack.

Your mind is too bogged down and needs some airing. Sometimes I get new ideas right after I walk away from my computer.

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3. Upgrade yourself

Take the down time to upgrade yourself. Go to a seminar. Read up on new materials (#7). Pick up a new language. Or any of the 42 ways here to improve yourself.

The modern computer uses different typefaces because Steve Jobs dropped in on a calligraphy class back in college. How’s that for inspiration?

4. Talk to a friend.

Talk to someone and get your mind off work for a while.

Talk about anything, from casual chatting to a deep conversation about something you really care about. You will be surprised at how the short encounter can be rejuvenating in its own way.

5. Forget about trying to be perfect.

If you are in a rut, the last thing you want to do is step on your own toes with perfectionist tendencies.

Just start small. Do what you can, at your own pace. Let yourself make mistakes.

Soon, a little trickle of inspiration will come. And then it’ll build up with more trickles. Before you know it, you have a whole stream of ideas.

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6. Paint a vision to work towards.

If you are continuously getting in a rut with your work, maybe there’s no vision inspiring you to move forward.

Think about why you are doing this, and what you are doing it for. What is the end vision in mind?

Make it as vivid as possible. Make sure it’s a vision that inspires you and use that to trigger you to action.

7. Read a book (or blog).

The things we read are like food to our brain. If you are out of ideas, it’s time to feed your brain with great materials.

Here’s a list of 40 books you can start off with. Stock your browser with only the feeds of high quality blogs, such as Lifehack.org, DumbLittleMan, Seth Godin’s Blog, Tim Ferris’ Blog, Zen Habits or The Personal Excellence Blog.

Check out the best selling books; those are generally packed with great wisdom.

8. Have a quick nap.

If you are at home, take a quick nap for about 20-30 minutes. This clears up your mind and gives you a quick boost. Nothing quite like starting off on a fresh start after catching up on sleep.

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9. Remember why you are doing this.

Sometimes we lose sight of why we do what we do, and after a while we become jaded. A quick refresher on why you even started on this project will help.

What were you thinking when you thought of doing this? Retrace your thoughts back to that moment. Recall why you are doing this. Then reconnect with your muse.

10. Find some competition.

Nothing quite like healthy competition to spur us forward. If you are out of ideas, then check up on what people are doing in your space.

Colleagues at work, competitors in the industry, competitors’ products and websites, networking conventions.. you get the drill.

11. Go exercise.

Since you are not making headway at work, might as well spend the time shaping yourself up.

Sometimes we work so much that we neglect our health and fitness. Go jog, swim, cycle, whichever exercise you prefer.

As you improve your physical health, your mental health will improve, too. The different facets of ourselves are all interlinked.

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Here’re 15 Tips to Restart the Exercise Habit (and How to Keep It).

12. Take a good break.

Ruts are usually signs that you have been working too long and too hard. It’s time to get a break.

Beyond the quick tips above, arrange for a 1-day or 2-days of break from your work. Don’t check your (work) emails or do anything work-related. Relax and do your favorite activities. You will return to your work recharged and ready to start.

Contrary to popular belief, the world will not end from taking a break from your work. In fact, you will be much more ready to make an impact after proper rest. My best ideas and inspiration always hit me whenever I’m away from my work.

Take a look at this to learn the importance of rest: The Importance of Scheduling Downtime

More Resources About Getting out of a Rut

Featured photo credit: Joshua Earle via unsplash.com

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