Getting on the property ladder can be a long road and just when you think you’ve got enough deposit, another financial headache can appear. It is so important to be ahead of the game when working out your finances to afford the mortgage repayments and all that goes with them. The deposit is just the ridge like on the side of a mountain, getting to the top and owning your home outright is hard work. Getting sound advice and assistance from a professional finance expert is essential before you embark on this journey.
Some ideas below to help you on your way:
If you are struggling to save for a deposit then you could go down the investment route. There’s a few ways you can do this, but mainly you could create some rental income. If you find a property in an area that is well established in the rental market then you could make an investment and put in a tenant until your financial situation is healthier. You could then move in yourself. Like I have said above, sound advice and financial planning is needed here, as you could pay your loan off quicker by paying over the minimum repayments while you have the tenant.
Another way would be to build up the equity in the property. Find a home in an area that has a high growth rate. Again you really need to know the property market well or have assistance from a professional. Don’t sell on the property once it has earned a healthy amount of equity, you can borrow against it.
You must track and know the property market well. Remember property has a habit of going down as well, so there’s always a risk. You must follow the capital growth in the area’s you wish to invest. Once you have bought your investment then follow the equity level diligently. For peace of mind talk to us at Pierre Finance before making any home loan decisions. We are here for you every step of the way.