You Don’t Need a Bank Loan
Many people miss out on home ownership because of focusing on the constraints to ownership rather than thinking more about the “how” or “what if”. If you have a desire to own a home but cant afford it, what can you do? What other ways are there to get into a home and start reaping the benefits like everyone else?
Trouble is the system is rigged towards banks, so being limited by poor credit rating, self employment, immigration, social status or other bank lending criteria, will ensure people in this category remain tenants of rental homes.
Rent or Buy
You see, buying a home with a bank loan means the bank owns the home. You get to live in and enjoy the benefits until the day comes when you sell. Upon the sale, you take the profit, and the bank gets their money back. It’s a great deal if the terms are right and its affordable, because you can use that tax free profit and purchase another house.
Following on from the example above, since the bank is the real owner, why wouldn’t renting be just as good? Well it can be more affordable, but renting is not a path to profit or building wealth because you have no control over the equity or the value that goes up over time.
Controlling of the Property
It’s not necessary to avoid home ownersh
ip because the banks have stacked the deck in their favour. It just means you need to take a different approach to get started. Here are some of the ways you can get equity by controlling the property while the value increases. You also get to enjoy all the benefits of home ownership:
- Rent to Buy
- Lease Option
- Installment Contract
- Other Vendor financing
If you would like to discuss any of the property opportunities you see on this website please CLICK HERE to get in touch.