I have heard friend tell me that they have just
spotted their dream property. It was located in the ideal neighborhood, close
to amenities, conveniently located, had spectacular views of skylines and
highly assessable via major roads or public transport. There was only one
problem; they couldn’t afford the asking price.
They told me that they would keep that in view
and try to save up for the down payment. Maybe after a year or 2 of additional
savings, they will be able to afford it.
Would you do the same if you were in their shoes?
I wouldn’t.
In fact, I offer a simple strategy that you could
use to afford to buy that dream property.
The key is to find properties that you can
comfortably afford to invest in. These properties should provide high potential
capital appreciation, easily rented out with a high yield.
Over a period of time, the investment grade
property that you bought should in theory experience a price rise in tandem
with the costlier property that you couldn’t afford years earlier.
This way, you have locked-in the price differences
of that dream property. And once you have saved up the difference, you can
always sell the current property and upgrade to your dream home!
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