Investing In Your Own Country Retreat When You’re Strapped For Cash

by Adam on August 30, 2017

stamp duty change 2016Owning and living in your very own country retreat is the dream of many people on the property ladder. But actually getting your finances sufficiently organised to get there can be a challenge. What you want is to have your own plot of land that can freely explore and roam, but that, of course, comes at a price.

The following are some financial tips designed to help you get the money together you need for your escape to the country. Here’s what to do.

Look For Cheaper Locations

There’s a premium attached to living in some parts of the countryside, especially areas inside national parks. However, in places just outside, often with equally stunning surroundings, you can get a lot more value for money. Look for properties with substantial land in the border areas to national parks and nature reserves to get the rural setting you want without having to completely empty your bank account. Click to view more information.

house mortgage UKUse Saving Tools

The great thing about digital technology is that it gives you unprecedented control over your finances. With a click of a button, you can categorise all your spending and figure out where your money is going,

Download an app like Mint (if you’re in the US) and take a look at your standing orders and subscriptions. Is there anything you’re paying for unnecessarily that you don’t need that could get in the way of your plans?

Also, start investigating the return on savings accounts. Though it might seem pointless to put your money into an account at a rate of 0.25 percent, rates do vary substantially. It’s far easier to get the money for a deposit when you’re earning 1 or 2 percent interest a year on your savings.

Look Into Shared Ownership

Sometimes buying outright simply isn’t an option. But thanks to some clever thinking by those in the property industry, you no longer have to if you want to live on your own property. Instead, you could opt for shared ownership. Under these arrangements, you continue to pay a mortgage, but only up to a set proportion of the home’s total value – usually 50 percent. Then you pay rent to cover the remaining balance. Although it might not be ideal for people who want to own their own castle, it’s a great solution for those who just want a country lifestyle.

financial newsWait For The Next Recession

Do you remember the last downturn? In some parts of the country, house prices fell by more than 20 percent. The same will happen in the next. According to the Case-Shiller index, the current ratio of house prices to median income is at historic highs, just like in was in the summer of 2007. This is evidence that house prices will almost certainly fall if there is another downturn in the next few years. Moreover, home prices usually go down anyway as more people foreclose and a greater number of properties suddenly find their way onto the market. As such, if you’re able to wait, you might benefit substantially.

 

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