That first step onto the property ladder is always the hardest. Real Estate investments can really pay off if you play it smart, but getting started is not always cheap. Let’s take a look at a few alternative ways to start out on that journey. It might not be as impossible as you think.
Buying Off Plan
If you don’t have the funds free to buy a new home outright, or you find the mortgage deposit stretches past your budget, you can find great deals buying “off plan”. This is investment at the pre-construction stage, where you invest in a project that is soon to start. You can get great deals of this type both at home and overseas. This method of investment is rather high risk, but that should not put you off considering straight away. The reward is high and there are many reputable companies that deal in this area with great success.
This one is only of use if you have friends or family that you are willing to co-invest with you. The idea is that you find a house that you can afford to buy in partnership and convert the house into two separate apartments. It’s worth checking properties everywhere, all online estate agents Leeds to London. Once you find that perfect property you each manage and rent out your own half independently, allowing you to deal with your own tenants and set your own prices. If you want to fix the place up, you can, as it only affects your half of the property. If you want to live in your apartment, that’s up to you too. Going forward this will avoid many potential problems.
Another option is to buy a run-down house that needs a lot of work and play the long game. You can make a large profit if you renovate the house to a high standard, while being careful with the outgoing costs. If you have just retired or work part time you could arrange much of the work yourself and even do smaller parts of the renovation. Any type of building can be considered for this type of project. This one is a long term investment, but if you have the time and the energy it’s a sound investment opportunity.
Don’t Give Up
There are many ways to reach the same destination. Everyone is looking to get onto the property market and there are dozens of ways to start your journey. Read around the subject as much as you can. Get expert advice online and see what other people are doing. Don’t let your local Bank saying “no” one time dampen your spirits. Check around everywhere again. You never know what deal might pop up in estate agents Leeds, London, Manchester or anywhere else. Check abroad even, as there are great schemes going on everywhere to help people get up onto that first rung. Once you are on that ladder the game begins. Don’t give up before you’ve even started.
Idania writes for a number of investment and property blogs, as well as both online and print property magazines. To get more information visit this page regularly for more updates and features.