If you want to buy a home but struggling to turn your dream into your reality, it’s time to stay focused, keep your eye on your goal and turn down all the noise around why you can’t do it.
So let’s look at how you can do it – but we may need to think outside the square.
A great way to get your foot on the property ladder is to buy an investment property instead of a first home – become a “rentvester”. Someone who rents the home they live in but owns an investment property.
The reasons this strategy is so popular, particularly amongst the under 30s, are:
- You can still live in the area that suits your lifestyle regardless of property prices.
- It gets you into the property market so you’re not missing out on capital growth while you’re saving.
- It has tax benefits, particularly if you buy a new property
- In time, it gives you the ability to leverage the equity in the property so you can buy another property or you can sell this property and buy another.
- It is an ideal stepping stone to your big goal.
The key here is to do your research, talk to a financial planner, accountant or investment property consultant and buy in an area that has forecast capital growth and high rental demand and yield.
We’d love to talk to you about your borrowing capacity so you can buy that house or investment property if you’re ready to get into the market.
