Buying and renting a home is increasingly expensive. What are the cheap housing options in the year 2024? Here are 4 options for cheap living.
Cheap housing options in 2024
An overview of low-cost housing options in this article:
- Hamster Rentals
- Anti-squatting living
- Home sharing
- Renting a room
Hamster Rentals
Hamster renting is a low-cost housing option where the resident rents an apartment or house for 8 years. Within that 8-year period, the tenant chooses whether or not to purchase the home upon completion:
- As a tenant, do you choose to purchase the home after completion? Then you can use at least half of your already paid house rent as equity in taking out a home loan.
- Do you choose not to do this? Then your already paid house rent will be ordinary rent and you will receive an ordinary lease.
Benefits of hamster rentals
- You build capital while renting.
- You may use part of your rent money as your own deposit.
- You get to know the neighborhood and the property before you live there permanently.
- Hamster rental properties are often new construction, which means your home will be energy efficient and have contemporary finishes.
Disadvantages of hamster rentals
- If you do not purchase the property, you will lose your “saved” rent money.
- In some situations, you have to pay VAT as well as registration fees when you buy.
- In some situations, they index the initial purchase price of your home, increasing with it each year.
- You need to add notary fees of about 5,000 euros to the purchase price when you purchase the property.
- The housing supply for hamster rentals is small. There is a waiting list, which therefore requires patience.
- If you purchase the home after 8 years, interest rates may have risen, making your home loan cost more than before.
Hamsterhuren® is a registered trademark of Gilen Immobiliën NV.
Anti-squatting living
Anti-squatting is a low-cost housing option in which the occupant temporarily occupies a vacant property for a low fee.
Benefits of anti-squatting living
- You avoid vacancy.
- You protect the property from squatters.
- Owners should not pay vacancy taxes.
- You pay a fee lower than the average rent.
Disadvantages of anti-squatting living
- Anti-squat housing is often outdated and energy consuming.
- Your stay is temporary. In fact, the contracts of anti-squatting housing run by the month and the notice period is relatively short.
Residential parts
Housing sharing is a low-cost housing option in which the resident shares one or more private spaces with others. Housing sharing is an umbrella term for housing options such as cohousing, co-housing and care living.
Advantages of home sharing
- You enjoy the added social value of home sharing.
- You choose how many and which spaces to share with others.
- You have relatively low fixed and variable costs as you collaborate with others.
- Because you pool your budget with others, you can often live in a more spacious home.
- In some situations, your housing unit is already furnished and you do not need to purchase furniture yourself.
Disadvantages of house sharing
- You have less privacy than in a home where you live alone.
- You must consult every decision about the building with the other residents.
- Different lifestyles of your fellow residents and yourself can cause conflicts.
Renting a room
Renting a room is an affordable housing option where tenants rent a private room in a house or apartment, often with shared common areas such as kitchen, bathroom and living room. This housing option is popular among students, young professionals and those on a limited budget.
Advantages of renting a room
- You have social interaction with roommates, making you feel less lonely.
- You pay a lower rent compared to renting a full apartment or house.
- Rented rooms are often furnished, saving you initial purchase costs for furniture and home accessories.
- You share common costs, so you have low fixed costs. For example, utilities and internet.
- Because you need a lower budget, you may live in a better neighborhood or location than your budget would otherwise allow.
Disadvantages of renting a room
- You have limited privacy by sharing common areas.
- You have limited space for your personal belongings in the shared areas.
- Because you live in a home with others, conflicts with roommates over e.g. cleaning, noise or use of shared spaces are possible.
- You depend on others for the maintenance and cleanliness of common areas. If your roommates are less orderly, it potentially causes frustration.
- Decisions about common areas are often for the owner or a shared responsibility for all tenants (depending on mutual agreements). This makes it difficult to have a say in the property yourself.
Sources: Construction & Reno, Hamster Rentals, Province of Antwerp, Flanders
Would you like to cite this article as a source? Then use:
Stiasteny, L. (2024, June 1). Cheap housing options in 2024. Apartment.be. Consulted on (date XX/XX/202X), from https://www.appartement.be/goedkope-woonopties-in-het-jaar-2024
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