I am a young guy aspiring to buy an investment property and I am saving up for a deposit using term deposits and I am told that you need 10% for a deposit but the problem is that property prices keep going up and my savings cannot keep up.
Keeping the money in term deposits is obviously not a good idea because property in the last year went up about 20% but term deposit only gives you about 6% so is there a way I can get exposure to residential real estate prices using small amounts of money?
My parents have a $600,000 house and I am thinking of buying small chunks of it. For example, one month I can buy the backyard, the next month I buy the toilet, etc. But my parents criticized me and told me that conveyance fees would be so high. I would need to buy heaps at once for it to be worth it.
If only some company had some financial security linked to the price of land. I'm sure they'd make a lot of money.
How can my savings keep up with property prices?
Keeping the money in term deposits is obviously not a good idea because property in the last year went up about 20% but term deposit only gives you about 6% so is there a way I can get exposure to residential real estate prices using small amounts of money?
My parents have a $600,000 house and I am thinking of buying small chunks of it. For example, one month I can buy the backyard, the next month I buy the toilet, etc. But my parents criticized me and told me that conveyance fees would be so high. I would need to buy heaps at once for it to be worth it.
If only some company had some financial security linked to the price of land. I'm sure they'd make a lot of money.
How can my savings keep up with property prices?