have just read a little bit about options in one of the threads.
Does anyone know where i can research this in detail.
i am a carpenter with experience in all aspects of renovations.
Would an option to purchase a property at a set price still allow you to renovate before settlement, in the hope of increasing the equity of the property, to then be used as a deposit?
Hope i'm making sense!
Best case scenario you purchase a property, with technically no money down.
Worst case you can't close the deal. In this case could you limit your loss by splitting the profit that you make after the property sells.
This way, either the vendor gets their agreed contract price or if you can't finance by settlment, the property will be far more attractive and potentialy sell for more. Could this extra profit be split by both parties?
Any info on this would be very much appreciated as i have the guts and detirmination to get out of this rat race, however lack of funds enables me to get creative.
regards
Gecho
Does anyone know where i can research this in detail.
i am a carpenter with experience in all aspects of renovations.
Would an option to purchase a property at a set price still allow you to renovate before settlement, in the hope of increasing the equity of the property, to then be used as a deposit?
Hope i'm making sense!
Best case scenario you purchase a property, with technically no money down.
Worst case you can't close the deal. In this case could you limit your loss by splitting the profit that you make after the property sells.
This way, either the vendor gets their agreed contract price or if you can't finance by settlment, the property will be far more attractive and potentialy sell for more. Could this extra profit be split by both parties?
Any info on this would be very much appreciated as i have the guts and detirmination to get out of this rat race, however lack of funds enables me to get creative.
regards
Gecho