Struggling to decide whether to buy or rent? Here are five good reasons why buying repossessed property on auction is better than renting:
When you buy a repossessed property, you will stay on the premises for some time. This will give you the opportunity to build relationships with the neighbours. This can be an added advantage, depending on the different circumstances you can be in.
Your bond repayment will be very predictable if you decide to sign a fixed-rate term on your mortgage bond. This means that the repayment amount will be exactly the same month after month.
When paying rent, you never see the money again. However, when you pay your mortgage, you know it is an investment and you will see the money again when you sell the property. By being a home owner, you build your wealth over time.
When you bought a property, it is yours. This means that you can renovate, paint, and decorate it the way you like. You will not have to obtain permission from a landlord beforehand.
- Great Deals
With the interest rate being at an all-time-low, there is no better time to buy a repossessed property than right now. You will save even more money when you buy a repossessed property since they are usually sold for below market value. It is also a well-known fact that you can get your hands onto great deals when buying on auction.
Given all of these factors, don’t you think it is time to make the leap and invest in property?