How to buy an investment property faster

How to buy an investment property faster

Posted on Monday, July 28 2014 at 11:20 AM

Would-be investors are willing to cut back on everyday spending to afford an investment property, according to a Mortgage Choice First Time Investor survey.

A staggering 74.3 per cent of respondents said
one of the first things they’d do is pull in the pursue strings in order to
afford an investment property, while 56.3 per cent suggested they’d ‘eat out
less’ and 25.7 per cent said they’d cut back on ‘alcohol related spending’.

Mortgage Choice spokesperson Jessica Darnbrough says there are lots of
things potential buyers can do to reduce their daily spending.

“Establishing good savings habits can be as simple as taking back the
basics approach,” she says.

“When it comes to saving money, potential property investors should look
to implement some tried and tested methods that can help them to get ahead
without having to make extreme changes to their current way of life.

“It pays to build an achievable budget. Budgeting monthly or in
accordance with the length of your pay period will allow you to amend your
budget fairly quickly if an unexpected expense rears its ugly head.”

Mortgage Choice offers the following tips for first-time buyers ready to
take their first step onto the property ladder:

Become a VIP member

Sign up to become a VIP member at your regular shopping spots. Whether
this means you’ll get a few dollars off per ticket on a trip to the cinema,
receive sale prices at your favourite clothing stores, or earn a supermarket
discount voucher, every little bit counts.

Savings enforcer

Ask someone to help you oversee your savings plan. If you know someone
is going to keep a close eye on your finances and hold you accountable if you
don’t reach your savings goal, you’ll be more inclined to stick to your budget.

Home cooked meals

Rather than buying your lunch each weekday, why not prepare your own
meals by making a weekly trip to the supermarket. If you’re heading to the
shops, it pays to have a shopping list and a full stomach.

If you’re hungry to begin with and don’t have a strict list in place,
you may find you buy more than you need.

Waste not, want not

Eliminate some of the little luxuries that you can do without. Try
cutting back on takeaway coffees, fashionable items that have a short life span,
pay television, Internet or data usage etc.

Ask for discounts

Have you been a member of your local gym for
some time? If so, it may pay to give them a call and see if they can reduce
your weekly fee for being a loyal customer. Of course, your gym isn’t the only
place you can ask for discounts; try asking for a discount wherever you feel
comfortable. After all, if you don’t ask, you don’t get.

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