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Can You Get a Property Without a Mortgage?

Fulfilling Your Desire to Own a Home

Buying a property or home in the UK nowadays is fast becoming impossible for a common person thanks to the rising property prices. Mortgage is perhaps the best means for an individual to fulfil his desire of becoming the owner of a house. It would provide the financing that is needed to pay for the cost of the home. However, mortgage comes with a ton of debt that won’t be easy to pay back. The monthly mortgage payments would consume all your finances, leaving you almost nothing behind to meet your daily needs. So, even mortgage isn’t an option. The question that arises here is can properties be purchased without mortgage then? Recent trends show that the answer might be in the affirmative. 

How to Get a Property Without Mortgage 

While it might not seem feasible for some people that properties in the UK can be purchased without mortgage but it can be done. There are people who have been able to purchase homes by paying the full amount in cash. Yes, cash! They were able to secure the finances that were needed to buy the property with cash and so didn’t need any mortgage loan. The following are some of the other ways that can be used for owning a property without mortgage.

• Buying a Small Starter Home First

Small starter homes are available for a far lesser price than a bigger home. You can choose to buy them at first and after living in them for a while sell them on for a higher price in a year or two’s time. The extra money you receive from the sale of the house plus whatever you have saved up until then while living in the small home could be used to get a bigger house. You might have to buy and sell a few small homes this way before you finally have the finances available to purchase your dream home. 

• Building the Home Yourself

If you have the building skills required to construct a home then there is good news for you too. You can purchase land for the home which would cost you a great deal less and then look to build it piece by piece. It will definitely take some time and will require a great deal of hard work too but the end reward will be well worth it. Moreover, the money you spent on building the home would be far less than what you would have paid in terms of mortgage payments had you bought the home with mortgage. 

• Saving the Money Needed

Saving the money required for buying the home with cash is a great way of getting a property without mortgage. Saving isn’t a piece of cake though. It will require you to live on the cheap for several years. You will have to spend less on holidays and daily expenses and try to save up as much money as possible each month. A good idea would be to invest the money that you save. Make sure to diversify your investments to maximise your profits. This will ensure that will have the funds available for making your long awaited home purchase sooner.   

• Fixing Up an Old Home

Similar to building the home, you can choose to fix up an old home too if you want to get a property without mortgage. Old homes that are in a bad shape can be bought for a significantly low price. You can then pay for the renovations that you will have to make to restore the home to its former glory. This will again take some time and it might take several years before the home is returned to its original condition. However, once the renovation work is done, you will become the owner of a fine home without having any debts to worry about.    

• Raising Money by Downsizing 

For those who are currently living in a home that is too big for them to take care of can choose to downsize and thus raise money for buying a home that is suitable for their needs. This would require them to sell their bigger home first. Once the home is sold, the proceeds from the sale can be used for purchasing the new smaller home directly with cash without requiring any mortgage.

How to Sell Home Fast

Selling a home can be a long and lengthy process. Cash property buyers though look to purchase homes from owners quickly. They won’t take much time in giving you a cash offer for your home and get the deal done as quickly as possible. So, if you need instant cash for selling your home then visiting Silvertonhouse is a good option for you.