Owning your own house outright can really be the biggest challenge for those seeking an simple, financially-free life. Yet it's one of the most eco-efficient goals out there. A mortgage is the largest monthly debt for many people, and it's what keep them going to the workplace day after day. If it's not a mortgage it's a monthly rent payment, which is often just a high as a mortgage, and there's no equity building to boot. So like taxes, mortgages often seem to be an inevitable fact-of-life, and there doesn't seem to be any way to get around them. But here are some schemes for being able own your house outright, and we're not saying these are easy routes:
- If you already own a house that has increased in value, you can sell that house and downsize to a much smaller, less expensive home
- Similarly, you can gather your savings and buy a very inexpensive home, and spend your time improving it
- You can slowly save money over the years, and eventually purchase a house outright
- You can buy land, live in a temporary structure and build your own house using inexpensive materials
- More radically, you can build a small house on your existing land, and then purchase vacant land site and transport that house there
If you know any other devious schemes to owning your house outright, or escaping mortgage, please let us know.