Property prices have soared in Australia in recent years, and that may discourage potential buyers who are interested in purchasing a home. However, all is not lost for those who can’t afford or don’t want to pay market prices. There are still ways in which you can beat them and here are 5 of them.
Upgrade and renovate
Even if you can’t afford to buy a new place right now, that doesn’t mean that you can’t have the feeling of living in a new place. A good idea is to start renovating the property where you are living right now. Even if you’re not going in for extensive upgrades, but only for one room or small changes throughout the house, it still provides a fresh, clean feeling. Bonus: any upgrades will add to the value of the house when you will finally sell it, so it’s a win-win.
Invest in a rental property
New property is expensive, but what about an investment for renting? Interest rates are low right now and having a property to secure your financial future is always a good move. Invest in a home to rent out and you will always have a steady influx of money coming in, not to mention the fact that after upgrades, improvements, renovations and market appreciation, your investment property will be worth more a few years down the line. Sell it then and you’ve got yourself a deal and secured a good amount of cash.
Rent a room
So, you have some extra space, and you need to put some money aside. The best solution for you is to rent out your additional room. You can opt for a permanent flat mate if you wish, or you can also set it up for Airbnb, if that’s something you are comfortable with. Not everyone is willing to allow strangers to traipse through their house, but it can be very profitable. A solution is also to rent your entire home and go live with parents, friends, or a significant other for a while.
Before you set your heart on a property or even on a location, you have to take the time to really research the area. How are the schools in the district? Are you close to supermarkets and shopping centres? Who would your neighbours be? How far are you from your working place? All of these are important aspects to consider, especially when confronted with high prices. You wouldn’t want to overpay for something that ends up not being worth it.