How to Build a House Without Debt
Buying a house is the biggest purchase that most people make. Understandably, you're likely to incur a lot of debt when you buy a home with a mortgage. This isn't an issue for most people, but some would like to build a house without debt. A simple answer would be to save money until you have enough to buy a home. However, you will still be spending money on your living arrangement. If you want to build a home without a mortgage, you can also take things step by step, so that you can waste less money. These steps assume that you save enough money to make each purchase as you go.
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Instructions
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Buy land on which to build your house. Check with the local city government about the land's zoning. You want land that is zoned for residential use. Consider the amount of space that you will use.
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Purchase a temporary place to live. With your own land, you can begin to live on the land, thus avoiding the costs of renting a place. If you won't have to wait long until you have enough money to build a house, you can consider something very cheap, like a tent. If you plan to save for a few years before you'll have enough for the house, consider purchasing a used trailer. This will offer more comfortable surroundings while you save money for a home.
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Compare the costs of different types of homes. A traditional home built with a construction crew will be the most expensive, but less expensive alternatives are available. A modular home can come in a variety of styles. Even cheaper are some alternative forms of homes, such as geodesic domes, straw bale homes, or cob homes, which you may be able to build yourself. Choose the style that fits with both your tastes and budget.
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Purchase the material needed to build your home, once you've saved enough money. Remember that you're trying to avoid debt, so look into the cost of materials. Choosing a cheaper type of wood, for example, can mean a difference of thousands in the total cost of your home.
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Factor in the cost of builders and other professionals. While you may be able to do some of the building yourself, you may want to hire professionals to do the electricity or plumbing.
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Tips & Warnings
Remember that once the structure of the home is built, you'll also have the cost of the interior, such as flooring or carpets and appliances.
