Are you looking for ways for a first home buyer to build their own small home?
At first thought it may seem impossible. It’s no secret just how hard it’s become for young adults to purchase their own home. There’s been enormous house price growth over the last several years, especially in the major cities, and it’s continuing.
The vast majority of Generation Y admit raising the cash for a deposit seems like an insurmountable task. They then have to gain approval for a loan, a tricky task in the shadow of the banking Royal Commission, and deal with paying stamp duty.
In addition, Australians are waiting longer to settle down and get married, losing out on the benefit of dual incomes.
Funky Little Shack has brain stormed a number of ways young people can feasibly enter the housing market by embracing a downsized life. Many Millennials aren’t in a rush to start a family, and don’t need a big house with three bedrooms.
The customised and compact lifestyle of a Funky Little Shack could be the perfect stepping stone into the Aussie dream.
1. Build a home in Mum and Dad’s backyard
A huge majority of our Shacks are built for a family member. Home owners with kids in their 20s can provide an amazing opportunity to help them into their first home by building it on their existing property.
Adding a Funky Little Shack to your backyard adds real value to your property while making the most from your space. It’s super economical because the cost of land is taken out of the equation, and it keeps wealth within the family unit. We know young adults love their freedom and this lets them maintain their independence while keeping loved ones close.
Check out all our finished Funky Little Shacks here.
2. Subdivide and sell your land to Millennials
Property owners should consider giving someone a chance to build a Funky Little Shack by subdividing and selling land not being utilised.
Splitting up a large block of land means less maintenance for you and can turn into a massive profit.
It also supports social sustainability. You live with the added benefit of knowing you’ve helped someone become a first home buyer. It creates new neighbours and potentially new friends.
Check with your local Council for the requirements when it comes to subdividing. Also, have a look at our FAQs.
3. Buy land with friends
Heads up if you’re a Millennial with a bunch of like-minded friends. Why not consider buying a large block of land and create your own little community?
Chipping in for the land can alleviate a major hurdle when it comes to cost. This could create a clear pathway to building your first dream home. Everyone creates their own personalised luxury small home. And of course, you keep your mates closer than ever.
We love the idea of a Funky Little Neighbourhood. Our Think Tank is onto this very concept and is here to support you with all Council and building requirements.
These are just some of the ways for a first home buyer to build their own small home.