Because of the popped real estate bubble, it makes even more sense now to build a no loan log home then it did in years past.
Many people are on the brink of financial ruin, in part because they assumed a huge mountain of debt, and bought overpriced homes that they couldn’t really affordable. They may have faced foreclosure, a short sale, or declaring bankruptcy. After experiencing one of those events it can be very hard to buy a home via traditional methods (i.e. a traditional documented home loan). That’s why a no loan log home just makes sense, it can get you into a home you own — without a mortgage.
Here are a few tips that could help you to start the process of planning your no loan log home.
- Get free logs to build your log home with. It is actually possible to get free logs from the government to build your log home with. That can save thousands right from the start of your project.
- Barter for services that you might need to build your log home. Instead of paying hard earned cash to an electrical or plumbing contractor, barter directly with the electricians and plumbers. Maybe you can take them and their family one a few hunting or fishing trips. Maybe you, or someone in your family, has a time share you can loan out to them for a few weeks. Maybe you have special skills you can provide for them (like building websites). Get creative and try to find some bartering alternative to actually spending money.
- Build as fast as possible, so you end up spending less on your existing rent or mortgage while building your log home. If you can get your shell up during your summer vacation, and get moved in during the early fall, then you’ll save tons of money versus the guy who spend 2 or 3 years building their log home. That guy has to spend those years paying his rent at an apartment, or paying the bank each month for his mortgage. That can equal thousands and thousands in savings.
- Build a small log home. Building small helps make sure you’ll be able to build quick. There are also many other financially advantageous reasons to build a small log home.
- Take two years to prepare for your project before you break ground. During that two year period gather building tools and supplies from sources like garage sales, eBay, craigslist, estate sales, et cetera. It’s easily possible to save 60-80% on the supplies you need to build your log home.
The bottom line is that, if you want to own a home but can’t easily get a home loan, then building a no loan log home for cash out of pocket might be a viable alternative. Doing so can actually be a way to work toward financial security.
This is not a quick fix, but rather a well thought out, well planned, methodical course of action. It takes time, the right knowledge, dedication, and a commitment to being frugal. But in the end, as Skip Ellsworth used to say, “If you think building a log home is hard work, you should try paying off a 30-year mortgage.” He always viewed a 30 year mortgage as debtors prison, and building a no loan log home from scratch as a way to gain socio-economic security.
Here are just a few examples of no loan log homes built by our members: