If you've been fortunate enough to work from home during the pandemic and have been given the go-ahead to do your job remotely on a permanent basis, now is the time to think about upsizing and relocating to the country. Why stick with a cramped city-centre apartment with zero outside space when you can improve your quality of living in one big life move? In the US, rural homes are typically 30% cheaper than those in urban hubs and the rural lifestyle comes with a myriad of health benefits too, from better air quality to access to nature.
Snapping up a staycation property could provide you with a lucrative supplementary income, not to mention a charming place to stay when you want to get away from it all. With the Covid-19 pandemic having closed down much of the travel industry, domestic vacation spots are still more popular than ever. Choose a property with a unique charm to catch the eye of potential holidaymakers. If you're not up for running the property yourself, there are management companies that will do all the hard work for you for a slice of the profits, usually around 30%.
On the other hand, you may want to consider downsizing to free up money so you can enjoy the finer things life has to offer. Do you really need all that extra space, particularly if your children have fled the nest and you're nearing retirement? Before you take the plunge, it's important to flesh out any costs and considerations, such as whether your existing home needs work to make it more attractive to buyers and what you'll do with a lifetime's worth of stuff. Embrace the process and declutter your life!
Be that as it may, holiday lets do tend to involve quite a bit of work to manage and maintain, and you may struggle to rent out your place during the low season. If you have the capital to invest, then buying a property to rent out long-term can be a great option. Different types of homes attract different sorts of tenants; look for a house with a minimum of three bedrooms and outdoor space near schools to attract families. Alternatively, a city apartment with desirable facilities such as a gym or roof garden is sure to prove popular with professionals.
The number of multi-generational households is on the rise. In the US for example, 51.4 million people live with their parents, a 10% increase since 2007, and this trend is reflected in many other countries including the UK and Australia. As well as enabling you to stay close to your loved ones, a 'multigen' household offers plenty of other advantages like sharing expenses and chores, not to mention more family time
Instead of living with family, why not get together with a group of friends to purchase a shared house or even build one together? Co-ownership is growing in popularity, especially among young people, who individually can be priced out of the market they intend to buy into. It does come with caveats but many of these can be sorted through diligent planning and legal advice. The plus points, from sharing costs to all the fun you're likely to have, can be very enticing indeed.
If money is tight and you're a renter rather than a homeowner or buyer, you might want to consider co-living, post-COVID-19 of course. A fairly recent phenomenon, co-living spaces, where you have your own bedroom but share communal living and leisure spaces, are cropping up in many cities around the globe and offer a plethora of advantages. They're usually relatively affordable, loaded with amenities and come with a community of like-minded people you can hang out with.
After the ultimate money-saving option? Property guardianship could be a great option. A major industry in the UK and the Republic of Ireland, it entails looking after a vacant property under a non-exclusive licence agreement, often in a shared space. Though it has its cons, including less security of tenure and frequently a lack of certain amenities, you could save up to 60% of your accommodation costs by going down this route.
In countries like the US, Canada and Australia, property guardianship hasn't taken off like it has in Europe. Nevertheless, professional house-sitting can be just as attractive, if not more so as in some cases you'll get to live entirely rent-free. Being a pet-lover is a prerequisite as many opportunities involve caring for a dog, cat or other animals while their owner is away. Websites with job listings to check out include Housesit Match, House Sitters America, House Sitters Canada and Aussie House Sitters.
Always wanted to set up a cottage enterprise from the comfort of your home? Decent money can be made from a small-scale business and a new house can provide you with the space to do it. Whether you're a dab hand at making jewellery or a secret potter in your spare time, an ambitious baker or talented amateur mechanic, turning over a part of your home to put time into your passions could pay off in the long run. If you're looking to move, seek out houses with roomy garages, outbuildings, barns and studios.
You may also want to consider snapping up or renting a live / work unit. In cities like London, New York and LA these can cost 20% less than comparable residential properties. They are often super-spacious lofts located in hip neighbourhoods that you might otherwise struggle to afford. Do make sure that your chosen unit is situated in an area zoned for these types of setups. You'll need amenities nearby such as grocery stores, cafés and leisure facilities.
For those with time on their hands, fixing up an old house with the express intention of selling it on and making a tidy profit can be incredibly rewarding. You will have to exercise caution, however, as this can be a high-risk venture. Things to bear in mind include opting for a property that requires cosmetic alterations rather than structural work, and holding on to the home for a year or so and listing it as your primary residence to avoid capital gains tax.
Taking on an unusual conversion project such as converting an old church, barn or mill into a fabulous home can be infinitely more satisfying than choosing to revamp a regular house, whether you intend to live in the property or sell it on. But these sorts of conversions do tend to be a lot more involved as you may have to undertake everything from gaining planning consent to installing utilities and knocking down internal walls.
Saving a historic house can be even more rewarding and is in many cases, surprisingly cost-effective. A slew of heritage organisations such as the US State Historic Preservation Offices and the UK's Historic Houses Foundation offer grants and tax incentives to those willing to restore an age-old property to its former glory, while some local authorities, including several in Italy, have taken to selling off historic homes at prices as low as one euro to buyers who pledge to redevelop them.
Keen to stay put? By adding an ADU (Accessory Dwelling Unit) or an extension, you could add considerable value to your existing property, as well as create an additional source of income. These self-contained spaces can be rented out on Airbnb, used as a granny flat or as a dedicated space for guests to stay when they come to visit. Adding an extra double bedroom and ensuite to a three-bedroom property can boost its value by 23% according to Nationwide.
If you really want to leave the rat race behind, starting the good life on a self-sufficient homestead is the way forward, though you'll have to be prepared to work hard to make it happen. Check out some dedicated websites and online magazines that can guide you through the process, step by step. These include Mother Earth News, Hobby Farms, GroCycle and Pocket Farm Magazine.
Living off-grid can help you embrace the good life while helping to save the planet. You need to think carefully about what sort of environment you'd like to live in – in the mountains or by the coast for example – and think about whether you'd like to live in a community or strike out on your own. You'll need a house equipped to deal with anything and rigged up with eco-power sources and its own water source. Do some research first and talk to others who have done it. Check out sites like Off Grid Living and Skilled Survival for more.
Another way you can lead an eco-friendly lifestyle and live rent or mortgage-free is to decamp to a tiny home. Minimalist living is all the rage right now and the tiny home movement has captured the imaginations of people who are looking for a simpler way of life. From treehouses to floating micro models, there's a style of tiny house to suit everyone, plus you can snap up a ready-made prefab home or choose to build one yourself with a DIY kit.
Why buy a static home when you could bag a tiny home on wheels? That way, you can hit the road and travel the nation, or even the world, leading a nomadic lifestyle, or if you have a job to go to and can't work remotely, simply take off when you get a spare moment. Alternatively, you could ditch your regular house and invest in a cute camper van or fully-loaded RV.
If you've always harboured a desire to live on the water, make your yearning a reality by snagging a houseboat, many of which are far more affordable than a traditional home on dry land, especially if you want to live in the centre of a big city. Do bear in mind though that houseboats require regular maintenance, and the boat licence and mooring fees can add considerably to your expenses.
Designing and building your own home may be more expensive than purchasing a pre-existing residential property, but the pros can outweigh the cons for many people. Just think, you'd be able to choose exactly where you want to live and design the perfect home that's customised to your particular needs.
On the verge of retirement? You could really shake things up in your life for the better by selling up and moving to a swish retirement resort, whether at home or abroad. Sarasota Bay Club in Florida, London's Battersea Place and North Lakes in Queensland, Australia are among the best. Better still, you could live the life of a globetrotter and travel the world!
If you're keen to live in harmony with nature and want to reduce your carbon footprint to virtually zero, moving to an eco village or community may be right up your street. Nowadays, there are more than 10,000 dotted around the world. Examples include the UK's Findhorn, Ecovillage at Ithaca in the US (pictured), La Cité Écologique in Canada and Australia's Narara.
There's nothing that says fresh start like relocating to the other side of the world. Whether you decide to realise a fairytale and buy a French chateau like these people or simply want to up sticks to a new city, moving to a completely new environment comes with plenty of rewards that outweigh the expense of such a big move.
Perfect for those with hobbies, lifestyle properties are all about improving the owner's wellbeing and health. Whether it be horseriding on a ranch or spending time at the lake on your doorstep, they can often be better value for money than your average family home in the suburbs and the ideal way to start a new life dedicated to your passions.
Buying a town or village may seem like an outlandish idea and something only a billionaire would do, but there are lots of affordable settlements available to purchase around the world, some of which will cost you around the same as an apartment in a city like London or New York.
Ditto an actual island. Yes, really. Believe it or not, there are several idyllic isles on the market right now where you can socially distance to your heart's content and enjoy a wonderfully laid-back lifestyle and best of all, some come with especially pocket-friendly price tags.
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