Homebuyers should start to realize that the road to homeownership is not a one way street, and it might take them a long time to reach their dream if they don’t use their savings creatively,
(PRWEB) October 14, 2013
Rick Otton, the author of the best-selling finance book How To Buy A House For A Dollar, shows Aussies the easy way to buy a house without sacrificing family time and comfort in order to save up for a large home deposit.
The 2013 Mortgage Choice Future First Homebuyer Survey found that a quarter of future first home buyers in Australia are saving 10 percent of their monthly salaries for a home deposit. According to a report from Australian Property Investor last 9 October 2013, 83 percent out of the 1000 respondents are willing to sacrifice their current lifestyle, while 24 percent say that they can delay having children to raise enough money for a deposit.
“Problems like these are the reason why creative real estate strategies were created, so that people will realize that there is an easier way of doing things. Homeownership shouldn’t be about making sacrifices, but about the benefits you get out of having a property of your own,” Mr. Otton said for an in-depth interview.
“For struggling home buyers, vendor or seller financing, creative strategies can help them get into a house of their own without sacrificing their lifestyle of personal goals just to save up a large amount of deposit,” he explained.
Mr. Otton then explained that vendor finance has three components: the money down, the period when you will have to finish making payments, and the periodical payments.
“This used to be the standard process for buying a house in Australia right up to the early 70s, but it fell out of vogue when the banks made the bank lending process very easy, it almost felt like the banks were throwing money at everybody,” Mr. Otton shared.
“The good times, however, ended after the global financial crisis. The banks have lesser money to lend, and saving up become harder for home buyers because property prices rose faster than ever, while monthly salaries stayed the same,” he added.
“Homebuyers should start to realize that the road to homeownership is not a one way street, and it might take them a long time to reach their dream if they don’t use their savings creatively,” he said.
Sign up for your very own copy of the “Power Property Profits Pack” to learn more creative solutions for your property problems.
Go to http://www.howtobuyahouseforadollar.com/ for more details.
About Rick Otton
For over 23 years property millionaire Rick Otton has built an impressive real estate portfolio using innovative strategies that he has developed - strategies in which transactions are made without the need for traditional bank-type loans. He constantly refines his techniques as he buys and sells properties through his We Buy Houses business which operates in Australia, New Zealand and the UK.
A gifted speaker and educator, Mr Otton conducts regular one-day free seminars across Australia, which build on the the concepts he shares in his 2012 book 'How To Buy A House For A Dollar', voted by Money Magazine and Dymocks Book stores as one of the Top 10 Most Popular Finance Titles for 2013.
He regularly records and publishes iTunes podcasts via his channel Creative Real Estate.
His innovative low-risk, high-reward approach to Australian real estate investing has been featured in a variety of television programs and magazines, including Today Tonight, Hot Property and Australian Property Investor.
To register for one of Mr Otton’s free Australian one day seminars visit HowToBuyAHouseForADollar.com.au or phone, in Australia, 1300 888 450.