Here are some simple ways to understand different ways to buy a property:
- Buy your own home: Buying your own home is a way to secure a place to live and build long-term wealth. You can get a loan to pay for it, and as you pay it off, the value of your home is likely to increase. Once you’ve paid it off, you’ll have a valuable asset that you own.
- Become a rentvestor: This means you can buy a home in an area that you can afford while renting in a more convenient location. You can rent out your investment property to earn income that can help pay for the costs.
- Buy a fixer upper: You might be able to find an older or smaller property at a lower cost that you can fix up and improve. This can be a more affordable way to update a property and add value to it.
- Purchase in an area with lower price points: By buying in a less expensive area, you might find a good property that you wouldn’t have considered otherwise. Just make sure there are basic facilities and schools nearby if you plan to start a family. These areas can also be good for rental properties.
- Buy in a new development: Buying a property in a new development before it’s completed can be a good way to get a fixed price and potentially make money once it’s finished. There are often mortgage loans available for buyers, and these properties can be good for rental investments.