Housing costs in Australia have skyrocketed in the last few years. Despite the boom in housing supply, cheap credit has filled the market. By the next year, the country is expected to see an unprecedented number of renters. At the same time, low shipping container prices have encouraged more Aussies to take up shipping container housing. If you are looking to get your own home in Australia, here are some ways to beat spiralling costs.
Build in affordable areas
Moving towards cheaper regions can help you save money. While metropolitan areas like Melbourne, Sydney, and Adelaide remain “severely” unaffordable, buildings in Tasmania are really cheap. However, if it is difficult to move out of your home state, you can try searching for cheap suburbs. Do make sure that basic amenities like shops, schools, transport, and restaurants are available.
Build a shipping container home
Moving from one state to another is not always a practical idea in Australia. Shipping container prices stay low most of the year. Their Cor-ten steel makes for sturdy building material and offers excellent value for money. If you are single, buy a 40ft shipping container to build a bachelor pad. Shipping containers are modular units, and hence stackable, allowing you to build a multi-storey lodging. Many Australians are opting for off-grid shipping container homes, with solar panels to provide for heating and electricity.
Try housesitting
If you do not have the money to buy a home in an upscale Sydney neighbourhood yet, try housesitting. It is turning out to be a popular trend in Australia. You can find homeowners around your area on a number of platforms. While it helps you save money while living in a home, it also accustoms you to managing one. Apart from rent, you can save on fixed phone line costs, electricity, water and other bills.
Share a house with friends or family
Instead of using up your saved money on rent, put it into a shared accommodation. It could be your partner, your siblings, or even good friends. Pool everybody’s resources together and buy a house that is part-owned by each of the contributor. You can draw up an agreement stating everyone’s share by per cent in the resale amount. Buying a shared house can turn to be as good as an option as renting one.
Get a homebuyers’ grant if it is your first home
The provision of homebuyer grants for first time buyers makes buying a house affordable. It was introduced in 2000 to compensate for the impact of the GST on home ownership. Refer to an updated state guide for the regulations of your state and eligibility criteria. Under this scheme, you can enjoy benefits of up to $15,000 on your first house.
Build your home yourself
Building a home with a 40ft shipping container is not as complicated as building a regular home. It needs commitment, but if you do have some experience with house building, you could save around 40 percent on building costs. Being in charge of your home’s construction will also help you save the cost of hiring an architect.
