Who needs a mortgage? While the path of a 15- or 30-year mortgage is the best option for most would-be homeowners, the idea that every homebuyer has to have a mortgage is simply a myth.
How to Not Pay a Mortgage
Here’s the deal: if you want to own a home without the burden of a mortgage, it won’t be easy. Sometimes you may be tempted to opt out of all the extra hard work and simply sign up for the mortgage like everyone else. But, if you stick it out, and buy your home with cash, you’ll have a feeling of security unlike anything else! And even though bankruptcy can be a positive option for many who are in over their head, not having a mortgage does lessen the chance of foreclosure or bankruptcy in the future.
So, what can you do to not pay a mortgage? Try building your own house. This doesn’t mean doing all the physical labor yourself (though if that’s your thing – why not?). Rather, you are the general contractor. You can hire out the most efficient and affordable crews, and save money by not paying someone else to orchestrate the process. Also, you decide where all of the materials come from!
Save. Save. Save. Build up enough cash to buy your first home, and you’ll save yourself money in the long term!
Buy a small, affordable house with cash while you save for your real home. Allow your little property to appreciate, sell it for profit, and then buy the home of your dreams.
Buy a fixer-upper. With foreclosed homes out on the market everywhere, there are a lot of opportunities to be had by the ambitious and willing!