It is everyone’s dream to have his/ her home but you have to make lots of efforts to achieve it. At many occasions, it becomes very tough for a person to acquire a house because there can be many obstacles that are stopping the path to getting it.
One of the challenges you have to face is buying a House with no Deposit. It is crucial that you find different ways to deal with the problem. But what if you cannot arrange for the deposit? Not a single way is open for you then how will you buy a house? You need not be worried as there are various methods that can be used to buy a house if you do not have a deposit.
Reasons for Buying a House:
Why do people really want to buy a house? The main reason is to have a place to live in and for this, they choose any type of house. These houses can be large and small in size; the designs and styles of houses are diversified in Perth with; Pre-Colonial Period, Old Colonial Period, Victorian Period, Federation period, Inter-War Period, Post-War Period, Late twentieth century and Contemporary styles. But there are other reasons mentioned below for buying a house.
Have a Good Lifestyle:
In pursuit of a good living lifestyle, people do many things and buying a house is one of them. Currently, if you are living in a rented then you cannot renovate it without the permission of the landlord, whereas, your own house is always open for upgrading. You can revamp in whatever manner you want no one will keep you away from doing it and as a result, you can have a lifestyle that is like a celebrity.
A chance for Investment:
There are people who only purchase the housekeeping mind the benefits it will give them. They are not going to be living in that house but have it up for rent, use it for business or later sell it for a higher profit.
To call it your Own:
It feels very good when you say that an object belongs to you so think about what you will experience when you own a house. It is marvelous and unexplainable that you can call it your own. So to have that emotion people buy a house.
Saves you Rent:
The rent that you pay is very expensive as it has other taxes attached to it. If you have enough money to buy a house so be wise and buy it rather than waste more amount on paying the rent.
Great Ways Buying a House with no Deposit:
Are you worried about having no deposit money to buy a house? There is no need to be as there are various ways to purchase a house that is explained by many organizations including Stop Renting Perth. You can use the following ways to buy a house.
Apply for Equity Loan:
It is the most common way in which you can have a house. The lender provides you with the money after evaluating the worth of the property that you already have. The amount you get can be used to buy the house you desire. But you cannot get a large amount if the value of the current property is lower. The previously owner property is kept as collateral until you pay off the loan amount.
Family Pledge Security:
This means that an immediate family member guarantees the loan amount. He/ she can be mother, father, brother, sister and grandparents but they will own a part of the house. One advantage here is that when you pay the loan installment; the portion they invested will be no longer owned by them. In the end, you will be the sole owner of the house.
Finance from Owner:
The owner of the house you are buying can be asked for the amount to buy. The buyer pays the installments on a regular basis until the amount has been paid. It can happen at times that the owner does not transfer the house to the buyer unless and until the loan is paid.
Find an Investment Partner:
You can always find people who can deposit money as a down payment and can act as a partner and you can pay the monthly installments. You can split the house into two portions and can both can easily live in it.
Unsecured Personal Loans:
There is another way of buying a house by applying for an unsecured personal loan. It is best for this purpose because you do not need to have collateral to acquire the loan. Signature loan, Personal line of credit, Credit cards as loans, Peer to peer loan and Student loans are the loans you can easily apply for.
Search for Cheap Property:
If you have a small amount of money then you can search for very cheap houses that are located in the remote areas of Australia. This must be the very last resort that you do after doing all other efforts of buying a House with no Deposit.