Although times are hard, and credit is increasingly more difficult to obtain, there has not been a better time to buy property in the past few years as now. Prices are dropping as demand decreases, and the sad rise in repossessions does provide opportunities for some fantastic deals. So here are 3 tips on getting your property portfolio started in the cheapest way possible.
1. AUCTIONS
A great place to find a bargain, but do not get caught up in the excitement and end up bidding more than you anticipated. Set yourself a limit before you start and stick to it. Also ensure you have the funds to put down a 10% deposit on the day (a cheque is fine) and finance available if required for the remainder. Otherwise say goodbye to your deposit.
2. BUILD YOURSELF A HOME
Apparently over 30,000 people build their own home each year in the UK. Find your land, builder and architect and you're sorted. Use the Self Build Website for advice.
1. AUCTIONS
A great place to find a bargain, but do not get caught up in the excitement and end up bidding more than you anticipated. Set yourself a limit before you start and stick to it. Also ensure you have the funds to put down a 10% deposit on the day (a cheque is fine) and finance available if required for the remainder. Otherwise say goodbye to your deposit.
2. BUILD YOURSELF A HOME
Apparently over 30,000 people build their own home each year in the UK. Find your land, builder and architect and you're sorted. Use the Self Build Website for advice.
3. BUY A HOUSE WITH FRIENDS
A good option to increase your buying power, and to make you more attractive for finance. Ensure that you have an adequate legal agreement before you enter into a commitment with a friend. It surprisingly common for such arrangements to turn sour.
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