22 Feb 2012
Buying a house is likely to be the most expensive purchase many of us will make in our lifetimes, unfortunately for some though, home ownership may just seem like it is just too far out of reach.
Saving up for a deposit and having the ability to pay off a mortgage may seem difficult, but for those who are looking for cheaper ways to get into the property market, there are alternative pathways you may consider taking to allow you to buy a home sooner without having to invest as much initially.
Here are some ideas:
Buying as a group – Rather than buying a property on your own, why not share the costs with others? You may have a trustworthy friend or relative who is willing to buy a home with you.
Buy an investment property first – If you are still living with your parents, or can’t afford the area you want to live in yourself, then why not buy an investment property first and let rental payments help cover the costs of your mortgage? Eventually you may build up enough equity to allow you to buy your own home down the track.
Buy cheaper – Another option is to buy an old fixer-upper home or a cheaper home that you can use as a stepping stone to your eventual dream home.
Can you think of any more methods to help people get into the property market for less?