4 Options to Get on the Property Ladder Sooner

While it would be nice if we could all go out and buy our dream home today, the reality is that it usually takes time to achieve our goals. The good thing is that even if you can’t quite afford your dream home right now, there are still other options to get onto the property ladder a lot sooner than most people think. 

Here are four ways you can buy a property right now. 

Rentvesting 

In years gone by, most people saved up a deposit, bought their family home and continued to live there while they raised their families. ‘Rentvesting’ is when you rent where you want to live and buy a property where you can afford to. 

For the most part, the high-demand, inner-city locations of most capital cities are not only expensive but entail high mortgage repayments. To rent in those types of locations is normally far more affordable than to buy. By purchasing a property elsewhere, you can work within your budget and borrowing limits and feel confident that you’re not getting left behind. 

Climb the Ladder  

As mentioned, the days of a home for life are largely behind us. These days, we see many people climbing the property ladder. Start by purchasing a home that you can afford and take advantage of many of the first homeowner grants and stamp duty exemptions that are on offer. Then, when the time is right, look to upgrade. It’s even possible to purchase a lower-priced home and add some value through something like a renovation, and then sell it and upgrade. With commercial property finance you can also consider buying commercial property that can be sold for profits later on.  

Asking a parent 

One of the most effective ways to get on the property ladder for first home buyers is to have a partner or close family member act as a guarantor. If you’re struggling to come up with a deposit for a home, a guarantor loan will allow you to use the equity in someone else’s property as the deposit to buy your home. This means that you could potentially buy a home with a very high LVR, where it wouldn’t be otherwise possible. 

Shared ownership 

If you are really wanting to buy a property but just can’t do it yourself, it is certainly possible to team up with someone else to get started. Shared ownership is usually a better fit for investors than owner-occupiers, but anything is possible. 

Before going down the path of shared ownership, it’s vital that you write down just how the arrangement is going to work in terms of how the costs will be managed and what the overall plan for the property is. It’s well worth seeking legal advice prior to jumping in with someone else as people’s circumstances can change. 

WHY YFA 

Our motto has always been “Honesty” and Over 20 years, we have always believed that understanding the customer requirement should be the priority. We are very passionate about helping individuals and families to identify financial goals with the correct focus on their plans for the long run through our mortgage brokers in Sydney.    

We feel proud and blessed to win awards because of successfully assisting people to achieve financial success. What makes us stand out from others is the utmost trust from our clients who have trusted us. We have always aim to provide updated yet useful blogs by adhering to traditional values of transparency and integrity, while continuing to bring steady and consistent performance over the long term. Our home loan advisor is always there to assist you for commercial property loans and other needs as well. 

We love going beyond the bolts of financial crisis in an easier manner just to help people believe that money never blocks their happiness.

Speak to our property loan advisor now!

Phone: 1300 YFA BROKER (932 276)
Email: enquiries@yourfinanceadviser.com.au