I understand why you have decided to look for alternatives to buying a home. There is no point in buying a home of you are not going to rent it out. Gone are days when people use to take pride from being a homeowner. Now, everyone understands the downsides of buying a home instead of renting or going for one of the alternatives.
Is buying a home as your primary residence a good financial decision?
Unless you live in an urban area, there is no one answer to this question. In major cities, the price-to-rent ratio is usually quite high compared to the rural region or countryside. If you wish to buy a house in a rural region, you better check the price-to-rent ratio in that area. Which means, see whether buying a house is cheaper than renting one. A lower ratio means the house is affordable and vice versa.
Check out these 3 best alternatives to buying a house.
1. Live in a tiny house
Have you seen those TV shows with people raving about tiny houses for days and Continue Reading