How to get into the property market?

You want to invest in property and also be able to say that you own your own house. But lately this is looking very difficult (almost impossible), specially for the younger generation. So how can we get into the property market with interest rates as high as it is now?

The best way to go at the moment is to take a look at the houses that has been in the market for a few weeks. Usually after about 5 weeks, these home owners starts dropping their price, just to get it sold. It is human to get impatient and make irrational decisions, so keep an eye out for these specials!

The other thing you can do is to buy a property with a joint income. Say you have a friend or someone in the family that also wants to invest in property. Give them the offer of buying with you, so you can qualify for a bigger bond amount. The important thing here is to really make sure you know this person very well and that he/she will be able to make their monthly installments.

The last thing you will have to make sure is that you have a good credit record. If you don’t then you will get rejected by the banks because of the NCA requirements that you will have to fulfill.

One thing to remember is that the housing prices are expected to go up by 60% - 70% by 20012. So if you don’t get into the market now, it will only be much ore difficult for you to do then.