Being able to buy a home is anybody’s dream. If you go and ask adults, one of their dreams is to invest in a house and lot. Not only because it is an asset, but this can also be turned into business venture. Who said that a property intended to become a residential space cannot be rented out?
Well if you do want to take advantage of every opportunity there is, then the next thing you need to know would be how to get your own property turned into a sideline so that you can hit two goals at the same time.
The Opportunity in Land
So, if you gather a lot of young professionals and ask them where they would want to be in 5 years, they will tell you that they would want to advance in their jobs and to start a business. So, if you would want to expand your financial portfolio, then one of the things you should save for would be residential properties for sale in Singapore.
Most individuals would say that this is a little too far-fetched as land costs way more than what our young workers could afford. Yes, that could be right. But more than just the idea of purchasing a condominium or residential property for sale in Singapore so they could have somewhere to stay in as they work anywhere in the country, is the reason should also be long-term.
What these professionals do not know is that they can buy a land or a property, have it rented out and use the money for payment to pay off a mortgage. The ending would be awesome! Just imagine, in the beginning, they could be able to buy a small and simple Singapore-located property for sale and then if they would learn how to properly manage their finances, they would be able to grow their scope and be able to penetrate the real estate industry.
Can I Do This?
All right, we are not saying to dream too much this early but that is not bad either. What we are suggesting is that individuals should learn how to prioritize their income well.
Let us admit that one of the dilemmas young workers face is that they believe so much in having fun, they forget to save. Yes, we deserve to have fun and to relax but that doesn’t mean you deplete your bank account. You need to think of ways to save money and invest them in assets.
Assets are stuff that can give you income in return. This way, you are not only relying on a single source of income. You know, the economy could be a bit fluctuating so you need to be secured.
Now, here comes the higher consideration. Just how can you afford it? The first option is for you to save portion of the money then once it is OK, have the property rented out. Second, some people take on loans and use these to buy a property. But we are not saying that you just go ahead if you are still not ready.