Property Guide:Looking to Rent
Invest in property whilst renting
Despite high rental outgoings and an expensive social life, it is possible to invest whilst renting property.
One of the best things you can do is to pay off any outstanding loans – particularly those charging high interest rates. And if you really want to buy your first home you should consider making some sacrifices and starting to save. However, there are some other options for you whilst you are renting.
Rent to Buy or Lease Option: Another is to choose a property to rent that you would really like to buy. Rent it until such time you have the finances in place to purchase it at a price pre-agreed by you and the owner. This is a type of lease option scheme which enables you to invest in property whilst renting. It is also known as Rent to Buy.
Buying Abroad: Another option you might consider is buying a small place abroad with the potential to gain capital growth, hopefully building up to be a deposit further down the line.
Buy to Let: It may even be that you can afford to buy to let a property in the UK offsetting the mortgage against the rental income.
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