With record-high home prices and increasing inflation, many Americans are looking for unique home solutions. Whether that means renting for a bit longer, moving in with family, or taking on additional roommates, the competitive housing market has priced many buyers out of the market. We have compiled a few unique housing solutions to help you find your next home in Montana.
Shipping Container Homes
Recycled or repurposed shipping containers are being transformed into homes. These durable structures can be designed to be an affordable housing option, complete with electricity and water. Of course, you’ll still need land and a foundation, as well as a location that connects to utilities. You may also need to work with a designer to create a layout in the shipping container for your bedroom, kitchen, living room, and bathroom. Some people may connect multiple shipping containers to create large living spaces to accommodate bigger families.
Portable cabins allow you to enjoy a camping-like living experience. The great thing about portable cabins is that they’re already built and designed and simply need to be shipped and placed on your land. You can have a portable cabin shipped and placed on your parent’s property for added privacy or share a piece of land with other aspiring home buyers. One of the perks of portable cabins is that you don’t have to retrofit the interior, as it already comes with a traditional layout that includes your bedroom and common spaces. You will, however, have to place it near utility hookups to access electricity and water.
Tiny Home Living
Tiny home living came to be a solution to minimize homeowners’ environmental impact while also reducing the cost of living. A tiny home is any small structure that prioritizes sustainability and a minimalist design. For example, you might invest in a portable cabin to achieve tiny home living. Portable cabins tend to be smaller in size, which means they fit the definition of tiny home life. Other examples of tiny homes may include a converted shed, a permanent RV, or a cottage.
RV or Van Living – Remote or Connected
If you can’t imagine living in one location for the rest of your life, RV or van living may be the right lifestyle for you. Recreational vehicles (RVs) typically come with a bed, living area, kitchen, and bathroom. If you stay in RV parks, you can connect to their electric and water hookups for a small fee. Some people may prefer to live more remotely and stay on public land, but you’ll have to fill your water tank and rely on propane power for electricity.
Condo or Townhouse Living
A condo is more like a single-family standalone home, with the exception of shared amenities. If you prefer a more traditional home but don’t want to be bothered with cutting your lawn or cleaning your pool, condo living may be for you. Condos are also more likely to have built-in amenities, like an on-site fitness center or grocery store. You can usually find a wide range of condo prices, with the amount you pay per month dependent on factors like location, square footage, on-site amenities, and condo layout.
A townhouse is similar to a condo except that you may also have access to a porch or backyard. You still get many of the same shared amenities, including landscaping and snow removal. You may find that buying a townhome is slightly more expensive than buying a condo since most come with property. Whether you choose a condo or townhome, you’ll want to ensure you’re financially prepared to take on a mortgage and all associated costs.
Interested in buying your own property but don’t have a down payment saved, or your credit score isn’t quite where you want it to be yet? A lease-to-own property may be right for you. Lease-to-own properties are structured similarly to a rental, except that after a certain period of time, you have the right to buy the home.
This is a good option for renters who don’t want to waste money on renting without any investment return. However, just because a landlord is willing to offer you a lease-to-own agreement doesn’t mean that you should take it. Similar to buying a home, you’ll still want to review the listing price and terms of the contract agreement. Find out what happens if you’re unable to get a loan at the end of the lease-to-own period and if you have the option to extend the contract. Montana is a strong buying market with many lease-to-own buying opportunities.
Buying a house may seem like an impossible dream for many in today’s market. Check out these buying alternatives that can help you achieve the homeownership style that works for you.