3 Ways to Finance a Condo Purchase

If your idea of a dream home does not include regular mowing lawns, you should think about buying a condo. Condos are ideal for those who make their first purchase of real estate and for older people, ready to move into accommodation of a smaller size. Condo is usually smaller and less expensive than conventional homes, designed for the whole family, and often has attractive amenities, such as pools, fitness facilities and security.

If your new purchase is in a new building, you can be sure that your condo was built according to the new standards of construction and will include a host of modern amenities. Buying a new home or Villa will give you the same benefits, but at a much higher price!

This condo can be purchased for your own use, and for subsequent lease or resale. A condo can be purchased using the loan - mortgage (finance).

Is it possible to buy a rental property, without spending your own money? Of course - there are many ways to fully fund the purchase of real estate without personal money.

#1 Funding from the Owner

A quick and easy way to solve the problem of financing the purchase is to convince the seller to become your lender. The advantages of this method:

  • No poor credit mortgages checks
  • No requests for loans
  • No relationship with the Bank
  • No waiting
  • Any expenses for the completion of the transaction
  • No stress
  • Best rate on the loan than the Bank
  • You are not using your own money

The only problem with this tactic is that sometimes this method is more difficult to use than conventional methods of financing. But it is possible that if you hit on really interested seller.

#2 Partners

Another great way to buy property without using your own money is the involvement of partners. This method also has many advantages:

  • No poor credit mortgages checks
  • No requests for loans
  • Less time waiting
  • You are not using your own money
  • Best rate on the loan than the Bank
  • Partners are easier to find than the seller who is willing to Finance the sale of your home

But this tactic also has many drawbacks, such as: a certain amount of paperwork, it is sometimes necessary to use the Bank, some of the costs to complete the transaction, stress and lower profit from the transaction for you personally.

#3 Investors

The use of investors is also a good way to Finance your real estate deals. You simply pay them for using their money, and in this case, you have the opportunity to make more profit, than in the case of partners.

What can attract investors for your deals?

  • Security
  • Good return on their investment
  • Liquidity

James Stephens, head of sales department, provides guide to poor credit mortgages for first time buyers, who want to purchase a property in Toronto, Bellevue or any other big city.

Click here to read about - Best condominiums in Bellevue 2015

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