Click here to get this post as a PDF and read it later!
Buying a new property is a big decision. You will want the best property that you can afford to buy, and you will want to get it at the best possible price.
There are always lots of considerations that you will need to make too. You will need to think about how close your property is from your workplace, access to local schools, and the proximity of any local amenities.
There are a number of ways that you can get the ideal property for you for less money. Here are a few different options.
Investing In Residential Land For Development
One option that you could look into is buying the land and then building your property yourself. Wyndham Ridge is one example of land for sale that can be used to develop residential properties.
If you don’t have any building or property development skills you will need to hire professionals to carry out the work for you. But once you have paid for an architect and someone to build your home, you may still have a much bigger and better home than buying one that has recently been constructed.
Buy Off Plan
If you want to take the stress out of buying a property, but you want to still live somewhere new, you can save money by getting in early and buying your home before it is built. Many developers will offer their homes up for sale before construction even starts. Buying the property based on plans that you have seen, and a visit to the show home could well save you money. The developers will be looking to sell the properties as quickly as possible, so the enticing discounts offered in this type of sale could be quite favorable.
Restore A Property
Buying a property that needs some restoration could save you some money. If you are quite good at DIY and are able to undertake much of the work yourself, then you may be able to help reduce costs even further.
Before you buy any property, you should always get a full survey carried out. This will let you know about any major work that you will need to carry out. When restoring a property, these will be your initial priorities.
You should keep in mind though, that buying a property that requires a great deal of restoration will mean that you will be unable to take out a mortgage against it. This will largely depend on the type of problems that the house has.
Buy At Auction
Often, homes sold at auction will go for a fraction of their normal price. They may need some work doing to them, and you may need to buy them using cash rather than a mortgage. But often, homes bought at auction offer a vast amount of return against your initial investment. Always try and find out as much about the property that you are interested in bidding on before you attempt to buy it.