19 Sep How you can quickly get onto the property ladder
Everyday the media talks about how hard it is for people to get into the property market. First home buyers struggle not only to get a deposit, but they also cannot support the repayments they would need to make if they were to buy in Melbourne or another major city. With property prices sky rocketing it seems as if there is little hope.
Despite that, there are sometimes stories about those who have beaten the odds and managed to make that transition, and leap into home ownership. It’s not easy but there are ways to do it and here’s what they are:
1 – Purchase an investment property: If property is incredibly important to you, and you want to set yourself up for life then purchase an investment property. An investment property out of the suburb you live in will give you the chance to build up your assets, and not only that you will be increasing your wealth everyday that you own your property. That will put you in a better position to upgrade when you want to. Although you may not like renting, you will love that you are building up the equity needed to get a bigger mortgage.
2 – Build your savings through other means: It may not be possible for you to immediately buy so consider other investments first. You could invest in shares or a term deposit but of course, before you to make any investment, speak to your financial advisor to get their expert opinion on what type of investment is right for you. Try and build your savings through cutting your other living costs. Doing so will free up money and you’ll be able to save for your property deposit much faster.
3 – Consider buying with others – Another option that many others are considering now is buying with others. When you buy with others you have your income and theirs. That can boost your credit score as well as getting you the funds you need. If you do buy with friends, it’s essential that you sign an agreement so you know where you all stand with eachother and to formalise the deal.
These are just a few of the ways that you can get onto the property ladder faster than you would otherwise be able to if you were just relying on your income. Otherwise, you could consider moving to small town where property prices are lower. There are plenty of opportunities around regional Victoria that you could buy.