Investing in real estate is a fantastic avenue for many people. It is a low risk, medium return investment that will generate value year after year. Some people may think it is unattainable for them, yet there are a few things you can do to bring the price down to make it a viable option for a range of different budgets.
Buy Through an Auction
Residential or commercial property auctions are fantastic options to achieve a quick and cheap property purchase. Auctions widen your potential options as you have a great chance of accessing a property below market value.
People sell their properties at auctions for many reasons, mainly as it is a much quicker avenue than the traditional process of selling a house. Auctions can be risky for the seller, but not the buyer. You can have the property surveyed prior to the auction and view it yourself to make sure it's exactly what you’re looking for. The power is in your hands as you can stop bidding whenever you need to.
Consider a ‘Do-er Upper’
Houses that are ready to move into come with a hefty price tag. So, consider buying a house that needs a bit of work. Perhaps cosmetically it is very out of date or needs some building work done. Depending on the property, the amount of money you save in the long run can be tremendous.
This method allows you access to more house for your money, which could enable you to invest in your dream location. There is also a great potential for profit and it will be less competitive. You can save so much and potentially profit greatly by putting some time and effort into the property.
Borrow Against Your Own Property
If you have equity in your own property, some mortgage lenders will allow you to borrow more money from them in order to invest. This isn’t always the case, but it is worth discussing with your lender.
Daisy Moss is an experienced freelance writer with a passion for business and real estate. When Daisy isn't writing, you'll probably find her reading a good novel or enjoying a yoga class.