...if you discount the price of a property for sale you’re just dropping the value of the house. Even at the discounted price, many people out there still won’t have the financial capacity to pay because the usual hurdles are still there.
(PRWEB) May 02, 2014
A new survey of 1200 renters living in Australia conducted by realestateview.com.au found that one fourth of the respondents are deliberately postponing their plan to buy a home because they think the market is overpriced. Around half of those surveyed also believe that they cannot afford to pay for a deposit, while a third of renters are afraid that they won’t be able to pay their monthly mortgage fees.
“When asked about affordability, most people would usually say ‘the one with the lowest price.’ This way of thinking is what’s keeping many Aussies from getting true bargain deals for themselves. Rather than create deals for themselves, they try to haggle with the seller to drop the price, which isn’t the best solution for everyone,” said Rick Otton, the host of the highly anticipated Ready, Set, Boom seminar tour.
“Since we’re currently in the middle of a property boom in some parts of Australia, it would be difficult to find real estate at bargain prices. But this should not be a problem for those who want to become homeowners or property investors when they start to think creatively on how they can solve their problems,” he explained.
Mr. Otton said in a recent interview for the second round of Ready, Set, Boom seminars that true affordability is in the terms of payment, and not just in the price of a property for sale.
“Think of it this way, if you discount the price of a property for sale you’re just dropping the value of the house. Even at the discounted price, many people out there still won’t have the financial capacity to pay because the usual hurdles of applying for new bank loans and high deposit fees are still there. However, if you make the payment terms more flexible to the buyer, a true bargain is created, because they won’t have to pay high upfront fees and both parties will be able to move forward with the deal much quicker and much more efficiently,” according to Mr. Otton.
If you want to learn more about creative real estate strategies you can join Rick Otton for the second round of his 2014 Ready Set Boom Tour. Mr. Otton will be visiting Sydney on 29 May 2014, Thursday, and 31 May 2014, Saturday. Register now at readysetboom.com.au.
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 upcoming Australian seminars, visit ReadySetBoom.com.au or phone, in Australia, 1300 888 450.