What if you instead used that money to buy an investment property while renting out a residence?
Perhaps the main reason there is much emphasis on buying a home is the belief that it is a good investment. This does make sense. For instance, there is more stability in living in a house you own rather than in a rental property. There is also more freedom in some aspects of owning a house. You wouldn’t need permission from your landlord or property manager to renovate, fix issues with the property, and decorate. There far less restrictions when it comes to home ownership.
So why should you buy an investment property while renting? Although it may appear unconventional, here are some reasons why you should do so.
Source of Income: Using a property for the sake of investment instead of a residence will obviously generate income. You’ll be able to earn money as soon as you find tenants.
Cost of house expenses can be very, very high
Appreciation on a house may not be in your favor
Easier to purchase as an investment property
Flexibility to move
If you aren’t spending much on living expenses, why not give it a shot?
Want to avoid all the hassles of home opens, marketing and everything else that comes with putting your home on the market. Here is your chance. I have a family looking for a four bedroom home along the river or surrounding suburbs. Preferably with a river view and a budget of around $1.5m.
Contact me at 0413 301 486 if this matches your property and willingness to sell.