Are you looking to buy your own home and about to embark on the complicated route of mortgage-hunting? Have you considered that it may not be necessary to take out a mortgage in order to purchase the home you've always dreamed about? If you're good at saving and have a large store of patience, you could purchase your home with cash.

After all, mortgages are a fairly new phenomenon. It wasn't until after World War I that people began to see mortgages as the only way to purchase homes. Prior to this, all purchases were carried out using cash. Mortgages became popular once banks and other financial institutions began to make it easier to borrow money. This created a larger housing market and a higher demand for loans.

However, even today when the housing markets in most economies are booming, it is still possible to pay for your new home with cash. Obviously, the first thing you need to do is discipline yourself and save money. This will call for some sacrifices. You may have to rent a cheaper place than you would ideally like so that you can save money to go toward your property.

Then you will need to use your cash to buy a home that is within your means. Don't be afraid to purchase an older ?character? home and spend money doing it up. You will also need to keep a watchful eye on the property market to understand its trends. For example, you should know that when the housing boom slows down and home-owners are more desperate to sell, you can always trade your home up for something better. Make sure you don't get left behind and keep an eye on current conditions.

Once you have found a buyer for your home, you can start looking round for your second home. Bear in mind that as a cash buyer you have many advantages that those people borrowing money do not have. Cash gives you greater bargaining power and will speed up the process considerably.

Saving for homes and paying in cash can be an ongoing project until you find your ideal home. You will remain debt free in the process and save thousands. Patience and flexibility will be required in large doses, but think of the hassle you will save yourself by avoiding the mortgage industry.