Having been both a renter and a home owner, I can see the pros and cons to both options. One of the biggest pros to owning is that you feel more secure. You have something to call your own. Of course, if you’re drowning in debt trying to pay the mortgage, it will eat at that security. Therefore, you might want to build a cheap house. You can get the security and minimize the stress of debt.
Build a Cheap House: Think Small
If you want to build a cheap house then you should think small. The larger your home, the more expensive that it will be. What is the minimum size home that you could live in? HomeLight suggests tiny homes, shipping containers, and other scaled-down options if you want to build a cheap house. Here are some helpful links to learn more about tiny homes:
- 10 Questions You Should Ask Tiny Home Builders
- Rent-to-Own Tiny Homes: Exploring the Options
- Pros and Cons of Tiny Homes for Frugal Living
As you will quickly learn, tiny home costs vary dramatically depending on what you need. The cheapest option, off you know what you’re doing, is to build your own tiny house. However, you can also hire someone to build yours. You can also rent-to-own an existing tiny home. Then you could modify it once you own it to suit your unique needs and style preferences.
Do As Much of the Work Yourself as Possible
Most of the cost of building a home is in the labor. Therefore, if you want to build a cheap house, you should do the work yourself. The caveat here is that you really need to know what you’re doing. If you don’t, then you could end up costing yourself more than you save because of the mistakes that you’ll make.
Take the time to figure out exactly what you can do yourself. Then reach out to the rest of your network. Who do you know that can help you build a cheap house? Do you know any architects, builders, painters, or others with knowledge and skills to contribute? Of course, you will have to pay them for their help. But you might be able to barter your own skills. Alternatively, they can at least advise you on the cheapest options.
Grow the Home as You Go
You don’t have to do everything all at once. You can start small, then add as you go. Over time, this may end up costing more. However, it allows you to build within your budget. That’s really the main point when you want to build a cheap house, right? It’s not necessarily to get the lowest overall price. Instead, it’s to make owning a home manageable financially.
Building it out over time also allows you to really get a sense of what you need in a home. You can live with it for awhile before making decisions. This can help you avoid doing unnecessary work. That said, you don’t want to change plans frequently because that adds cost. Instead, you want to build as little as you need right now, exactly the way that you want it, then add on later if that feels right.
Do you have any additional suggestions for people who want to build a cheap house?