However, it isn’t just saving the deposit or getting approved for a large home loan that is holding buyers back – it’s all the hidden costs of buying a house that nobody warns you about.
According to YourMortgage.com.au the total of purchasing a $400,000 property can cost an additional $59,770 when you add expenses such as transfer costs, mortgage registration, lenders insurance, one off property costs, removalists, inspections and installations, insurance and repayments.
However, could the key to home ownership be tiny homes?
Tiny home are small abodes, often built into a trailer or caravan-like structure, that have a tiny bedroom, bathroom kitchen and dining space on board, and you can buy them in Australia now.
5 reasons why you should consider a tiny home
- Tiny homes cost less to buy
- Tiny homes are easier to maintain, and doing so cost less
- Tiny homes have a smaller environmental impact
- Tiny homes promote a more minimal and mindful way of living
- Tiny homes are more energy efficient
Hauslein Tiny Houses are one of the foremost tiny home manufacturers in Australia, and they say a tiny home can be more than just a place for you to live, it can be an additional income source.
“Love to own your own home without the 30-year mortgage? Want to reduce all those climbing utility bills? You can enjoy a quality dwelling with all the comforts and mod-cons at a greatly reduced cost. Be mortgage free in 3-4 years and greatly lessen bills by going for the off-grid options.” Write Hauslein Tiny Houses.
“Need some guest accommodation or want to make some extra pocket money? Use a tiny house for Air B&B or many other accommodation options.”
Want to see more Australian tiny homes? Watch the video below to watch Jo Griggs chat to local tiny home owners.