For most people, one of the largest expenses within their budget are living costs (i.e. combined expenses for rent/mortgage, utilities, taxes, insurance and/or maintenance). In a past life we jointed in on this by buying a McMansion. Although it was certainly luxury living, after a few years we started to notice the drawbacks in terms of cost (and the mortgage was not even too bad!) and time (cleaning/maintenance).
We currently rent, but are looking again into home ownership. The region where we are considering purchasing, the cost vs. rent balance (assuming minimal down payment) tips in favour of buying. It furthermore gives us the opportunity to purchase a future investment as well (i.e. we are scouting for a home or homes that can be turned into a rental property or properties).
However, some folks have found creative ways to reduce their cost of living or enhance their way of living. Many of them documented these (ongoing) journeys, below is an assortment of (sometimes inactive) blogs that give you an idea how to “thinking outside the box” on “think inside the box” in one case.
Not all off the following “housing” options are for everyone, or even possible for most, but it should make you think more creatively about your current/future living arrangement. For example:
- Can you move to live cheaper and/or liberate equity to invest?
- Can you sub-let a room/basement/attic/garage to get more income?
- Can you split your home into two or more units?
- Can you move to a recreational facility/park and live in a RV/Cabin/Trailer/House boat (you may need two as regulations don’t always allow permanent living at these places)?
Several creative living arrangements:
Living in the office:
Living in a pickup:
Living in an RV:
Living in a box truck:
Living on a boat (stationary):
Living on a boat (travelling):
Living on a floating homes: