Property buying on a budget can be a daunting process. But this need not be the case. To overcome any frustration utilise your resources and conduct sound and thorough market research before buying. Let’s look at some of the best budget buying strategies that can help you to value buy and to avoid any associated stress.
Top budget buying strategies
Property experts, investors and realtors will often suggest that buying well within your means is a sounder investment decision than pushing yourself financially. Buying a budget property will allow you to break into the market, which can then be used as a stepping stone to buy a bigger and better property years down the track. So if you start out smaller than expected don’t be disappointed, there’s time for you to build wealth and buy that mansion or dream home that you’ve always wanted.
In order to buy on a budget follow these strategies:
1. Buy in a neighbouring suburb – You might not be able to afford to buy in the suburb of your choice due to the cost of housing. But, this doesn’t mean you cannot buy in the suburb next door. Often these suburbs are over-looked and have homes with the same features for much less. Over time these properties will typically appreciate in value, and then you can sell and move into your dream suburb or location.
2. Buy a renovator – If you cannot afford the best house, then buy the worst and put your renovation skills to work. If you don’t know how to renovate, then learn. There are many D.I.Y courses run that will teach you how to tile, do carpentry and other types of renovation work. By doing most of the work yourself you’ll save and you’ll be able to earn a greater profit when you eventually sell the home.
3. Buy with family and friends – Rather than buying on a low budget by yourself, enlist the help of family or friends and pool your resources. You can then afford to buy a better home and pay it off faster before either buying another home of equal value for your friend or family member or selling the home and dividing the profits. Of course, if you’re considering this option, then make sure you seek legal advice and have a lawyer draw-up any agreement.
Are you searching for ways to break into the property market on a budget and need advice? If so, then contact eChoice today.
Written by eChoice