The New Year has arrived, and you have set some goals for yourself. One of these goals is to buy yourself a place you can call home. You are somewhat skeptical, thinking that it is more expensive to own your own place than to rent from someone else. This is not necessarily the case, since buying a repossessed property is even more affordable.
Buying a house has never been this affordable in the last 15 years, due to the low interest rates and the fact that repossessed properties are sold everyday at bargain prices. Furthermore, property values in general have declined in all markets.
The interest rate is stable, lingering around the 9% mark. This is the lowest level in 30 years, resulting in bond repayments to be yet more affordable. This results in the rental market of mainly the median and popular suburbs to be more expensive at this point than buying your own property.
Furthermore, due to many people not being able to qualify for a mortgage, this is the perfect time to buy a repossessed property with the aim of letting it out - your monthly bond will be paid, and you will have invested in a long-term investment.
With the current economical situation smiling at you, can you afford not to make an investment on a repossessed property?