Category: Rent

How You Can Afford a Second Home

house available to dealWould you love a second home? A place that’s waiting for you when you need a break? Somewhere that’s totally different from where you spend most of your time? Your own private getaway where you can relax and unwind whenever you need to? I’m sure for most of us; the answer is yes. It would be fantastic to have a home at the beach or out in the country, ready for when you need an escape from city life. Yet, unless you are very well off, you probably think it’s nothing more than a pipedream. Ordinary people can’t afford to buy two houses, never mind run them. However, buying a second home might not be as difficult as you think. Here’s a look at how to make sure that you can afford the second home that you have always dreamed of.

Choose the Right Home

Buying a second home isn’t a decision that you should rush into. While it can be fantastic, it is a significant financial commitment. The first thing you need to do is create a budget. Be realistic about what you can afford. Then look at houses for sale that fit the bill. Owning a second home is a brilliant investment, but only if it’s a house that you can afford. Don’t let yourself get carried away.

Rent It Out

One way to ensure that you can afford your second home is by making it earn its keep. If ever there’s a time when you know you won’t be using it, rent it out as a holiday let. Alternatively, if you plan to spend most of the summer in your second home, why not rent out the first for city breaks? Airbnb is a great option when it comes to making money from your home without committing to long-term lets.

Rent Out Space

If you don’t like the idea of people living in either of your homes, why not rent it out as space? You could rent a spare room out for storage, or even lease out your parking space. This can be an excellent earner in city locations.


Remortgaging your first home is one way to finance buying a second. Just make sure that you can afford it and that you are willing to take on the long-term financial commitment.


The best way to afford a second home without getting yourself into financial struggles is to save and buy it outright. Or at least save to pay your first mortgage off early before taking out a second on a new home.

Understand the Costs

Before committing to buy, make sure you understand the costs of two homes. The costs don’t stop once you’ve purchased the home. You also need to pay bills and insurance on it, and you’ll have to pay to travel there regularly. Can you afford it? Make sure it’s a worthwhile investment that you will get a lot of use out of.

Owning a second home could be a dream come true. It’ll also mean you’ve got more options when it comes to retirement, and a whole other source of cash if you ever need it. Look at your options carefully and get saving and you’ll be relaxing on the beach in no time.

So You Want To Profit From Real Estate, But How?

real estate profitsWhen looking at investment opportunities, real estate is always going to look like a tempting possibility. The market is starting to look up in some areas but down in some. When you invest in real estate, there are a few different ways to do just that and make your investment back. Which should you aim for and which will work best in today’s market?

Buy ‘em to flip ‘em

When thinking of investing in property, buying homes to sell them at a profit is one of the first options worth considering. It’s all about identifying properties with real potential and making use of that. For instance, you might spot a home that you can improve to sell at a much larger profit. But the best way to find properties worth selling is by building a portfolio of properties in developing areas. Look at places where new businesses and other community buildings are set to be built. Features like new commercial centers, new cafes, newly renovated homes are good signs of a growth area. However, buying, improving, and selling homes is slow. If you do it one at a time, your profits are likely to be slow coming, too.

Becoming the landlord

The number of people buying homes is on the decrease, so finding those growth spots is more important than ever. On the other hand, rentals are on the increase, so this can be the most reliable way to start making money sooner. However, as you might expect, rentals payback on investment a bit at a time. They can make a good retirement fund or income source if you have one or two and act directly as a landlord. If you start renting out more, then you have to consider the costs of letting agencies and how they impact your profits, too.

Hit the holiday crowd

When we talk about renting, we’re usually talking about long-term tenants but short-term holiday rentals are a different market entirely. If you spot a buy-to-rent opportunity in a popular location, like a winter vacation home near the Catskills, you could stand to make a lot from holiday goers. However, annual returns can go in the negative sometimes, so you have to be ready to stick with a vacation home for the long-run. In general, over a long period of time, they can always be sold for a profit. You just have to wait out the road bumps in this occasionally volatile market.

Make a business out of it

Commercial real estate is, again, an entirely different market. If you know primarily about residential properties, it can be a lot to learn. However, they tend to see annual return off the purchase price at a rate that can be 2-3 times higher than family home properties. Business owners tend to take pride in their location, as well. They’re a lot more likely to become long-term tenants, guaranteeing income through the years. They also tend to take much better care of the property on average, which means lower risk of having to make repairs.

It’s all down the environment you want to invest in and your ability to spot the right opportunity. Even in a bad market, a fantastic home, rental, or business property can stand to new you a lot of cash.

3 Ways Living In An Apartment Can Save You Money

money for apartmentsThe standard way that we’re all meant to want to live is in a house. A house that preferably has a garden, nice friendly neighbors, and even a white picket fence. That’s meant to be the ideal.

However, the need for space to be utilized as well as possible has meant that apartments are a common feature throughout the country. While they might not be the house that you always dreamed of, they do have a few upsides — despite general opinion running to the contrary.

So if you’re in the process of deciding you want to learn more about an apartment you’re considering, then you’ll definitely want to factor in the potential for money-saving. You need to consider areas such as…

Fewer Security Measures To Be Concerned With

While living in an apartment doesn’t necessarily mean you can leave your front door unlocked like they did in the old days, there’s no doubt you will have fewer security issues to contend with. There is inherent security in the entrance points to your home being at height, while collective security measures for the front entrance and lobby give a shared responsibility for ensuring the building is as safe as possible.

The fewer security measures you have to put in place, the more your saving — but this aspect is particularly beneficial if you’re renting. All the existing security equipment and measures will be maintained by the landlord, meaning your security spend could conceivably be zero.

No Garden To Drain Money From Your Finances

Gardening is an expensive hobby. From the cost of plants to the sheer amount of time you have to give over to maintaining it, if you’re looking for cost-cutting measures, then ridding yourself of a garden is hugely beneficial. As well as gardening itself, you don’t have to worry about the security of the garden or the upkeep of buildings and furniture you use in the garden itself. Combine all of those savings together and they begin to look very substantial.

While you might fret over the lack of outdoor space, you still have the option of public parks if you want to spend time outside. Parks give you the opportunity to enjoy being outdoors and — most importantly — they’re free! Enjoy your time outdoors and leave the expensive maintenance to someone else.

Lower Heating Bills

It’s a little known fact but definitely a reality: apartments are cheaper to heat than houses (though you’ll want to avoid the top floor to maximize this benefit). When you live in an apartment block, the other apartments effectively operate as extra insulation. During the winter, you will immediately feel a difference; apartments are warmer, and you need to use less fuel to keep yourself feeling snug and cosy. If you’re tired of paying a fortune just to keep warm through the colder months, then this could be a real money-saver for you.

So, do you think you could be tempted to move from a house into an apartment — potentially saving yourself a bundle of cash along the way?

How to Save Money When You’re Still Paying Rent

rent money savingsThose who have bought their own home and feed their savings account regularly seem to have it all figured out. It’s very difficult to save money when there’s nothing left at the end of the month, though, and it tastes especially sour when you have to pay down on someone else’s mortgage.

But with so many benefits to renting an apartment, it should be possible to continue this flexible way of living while still getting the piggy bank nice and fat. Here are a few of the thriftiest money saving tips from tenants out there who actually manage to save, making the world a bit less unfair.

Ditch the gym

Gym memberships should be a thing of the past already. You need exercise, of course, but you don’t need to pay up every month to get moving; with apartments often being so incredibly central, it should be easy enough to find a local park for your morning jog.

Buy yourself a yoga mat and take care of your muscles at home, either with weights or your very own body weight. Paying for a gym membership is kind of like paying someone to cook for you; sure, it’s convenient, and everything is taken care of for you, but doing it yourself just makes a lot more sense. At least when you’re trying to save money.

Buy multitaskers

You already know that you should cook every meal at home, right, so we’re not going to waste time on explaining why. Apartments are often rather small, so it’s a good idea to find functional kitchen appliances you can use for multiple things. It makes it a lot more likely that you’ll get cooking even on a grumpy Tuesday evening, and you won’t hate the look of your cramped-up kitchen afterward.

Find green apartments

While you should always try to find someone to live together with as it will save you a ton of money, it’s also a good idea to look for greener apartments. Many apartments here have gas projects that allow you to save money on energy, while the best ones also offer GE appliances in the kitchen.

It’s the kind of stuff that makes rental life a bit more manageable – and if you discover a better offer somewhere else, you can always pack up and move without having to sell first.

Get a second job

The last one may not be the one you’d like to hear, but here it goes; when you rent an apartment, you’re often a bit closer to the action than the house owners are. It means that flexible jobs are within reach and you have a variety of options to supplement your income with and live within your means.

Boost your income, find an energy-efficient and reasonably priced apartment to rent with someone, and continue to cook at home. Here’s a handy article in case you need a bit of extra money quickly, by the way.

Increasing your income is the only way to drip a bit of cash into your savings account each month, and the best way to stay debt free for as long as possible.

Exploring Your Options For Buying Property

property buying optionsThere are many reasons to consider buying a property. You might want somewhere to live that you can call your own? Perhaps you see real estate or owning a property as a status symbol. Maybe you’re just trying to collect assets? Regardless of your priority needs, any purchase worth as much as a property must be considered a financial investment. That means you must assess the risks of loss, and research to determine the potential growth or increased worth.

There are many steps you need to take before you can finally pick up the keys and let yourself in. Each of those steps might be a factor in your final decision or your reason for buying the property you chose. They might also be a reason for changing your mind too!


The first consideration is time. How long do you have before you need to complete the sale? If you’re not in a rush, then you might decide to save up as much cash as possible before property hunting. The more you have upfront, the less you have to borrow. This increases the profit you can make on your property investment because you are not being charged as much interest on a smaller loan.

If you don’t have much time, then you need to find the money to cover the cost of the property. There are many other costs involved with buying real estate too. The legal costs and survey costs are just some of the expenses you need to cover up front. There are likely to be taxes, and you might incur moving fees if you plan to live in your new property. If you can spare more time, you can save more to cover each of these costs.


Financing your purchase is easy if you have a great credit rating. In fact, there are many mortgage lenders that are desperate to lend to people that have a good rating. Buy-to-let mortgages are plentiful too. If you have a substantial deposit, you might be eligible for a mortgage product that is low interest. If you’re not quite so financially ‘viable’, then financing in this way can become expensive.

Many ‘millennials’ are finding it necessary to approach the bank of mom and dad to fund the deposit. As salaries for this age group are quite low, it is essential to find quite a significant deposit. The deposit is the sum that is outstanding after the mortgage has paid for the property. The lender will expect to see that you have that outstanding amount (usually a minimum of ten percent of the purchase price) before paying the loan out.

If you are planning to become a property investor or a landlord, you might be able to develop a relationship with a business investor in this sector. This will become a legally binding business relationship in many cases. There will be responsibilities and obligations that you will need to meet. This is not usually the right option if you’re trying to buy a home.

Other Options For Raising Cash

You might already have a home that you need to sell first. This puts you in a ‘chain’ and can be difficult to coordinate. However, selling your current property may release a lot of equity so that you can buy another home. You don’t need to limit yourself to selling property to raise money for a deposit or purchase. Anything you don’t need could be sold privately or through an agent to help you raise more cash.

Your employer might also help you out with a loan or an advance. Usually, loans must be declared on your mortgage application. This might not appear favorably to any lender. Why not take some overtime, or ask for a pay rise? Changing jobs or taking a second job can also help you to raise the cash you need.

Sharing ownership of the property can also help you out financially. Legally, you are both responsible for mortgage repayments. If one of you stops paying for any reason, the other must cover the entire bill in most cases. Speak to your lawyer about this kind of arrangement and the potential consequences of non-payment.

Searching For The Right Property

Once the money is agreed, you can start searching for a property within your budget. You might already have some idea of the type of property you want. However, if you’re willing to be flexible, you might be able to secure a place with the most important requirements. You might be looking for four bedrooms, but your first choice of neighborhood means that is not affordable. You would need to reduce the bedrooms or pick a different community.

If you’re investing in property, you don’t need to restrict yourself to your local neighborhood at all. You could purchase overseas in areas that are up-and-coming. A big property search service like the one at could help you to find something affordable. Of course, after the exchange rate, you might find you can afford incredible properties. Maybe large houses or mansions are affordable for you when you look overseas.

Whether you buy here or further afield, the purpose of your purchase must be clear in your mind. Consider your lifestyle and how the property you choose might affect that. If you’re buying as an investment, then a great deal of research on the community is essential. Look at sales data and the demographic of the region. Determine the type of person that will be interested in your property so you can strategize your marketing efforts.


Buying houses might be a little easier than other types of property. Land boundaries and rights to that plot are usually much simpler too. It’s unlikely you’ll be sharing any part of the property with others. This can make it easier to sell on when you’re ready. Of course, houses can be subdivided. You can rent out individual rooms or convert the property into flats.

Often, houses appeal to families. If you purchase a property that needs a little care and attention, you might be able to do the work then sell it on to a family in need of a good quality property. Alternatively, why not rent it out? Properties of multiple occupancies tend to net more profit and a higher rent in total, though.


Apartments in the city can be very attractive to career driven singles and couples. However, the location of the property can drive the prices up. Nobody likes commuting, so many apartments are purchased or rented for mid-week living close to work. This means that you could tap into this market with your next property investment.

There are several things to consider though. There will be fees or rent to pay for the communal areas when you buy a property in a block. Empty apartments are rarely exempt. Access will be required periodically by the building owner. This could be for maintenance and testing of the block safety facilities like fire alarms. Ultimately, you have no land that is your own. The value of the bricks, therefore, may not appreciate as much as you would like.

For You, Your Portfolio, Or Business?

Once you’ve considered all of the above, you’re probably ready to make the final decision about the purpose of your purchase. Are you buying a home for yourself? If so, how long do you intend to live there? If the property is a forever home, do you intend to leave it to the kids as an inheritance, or sell it to fund your later-life care?

Perhaps this property will be part of a big portfolio you intend to develop over time? Maybe it’s the first one! Are you going to rent it out, or do it up and sell it on? Perhaps you’ll sit on it for a few years and wait for the value to go up? How will you start to reap a return on your investment in the meantime?

If you’re buying for business, then you need to consider the purpose of the property or the land it sits upon. You might be keen to develop the area. This might include demolition and rebuilding. Or maybe you’re converting or renovating the buildings on the land? Check the legal and planning restrictions on the real estate before buying.

The Process Of Buying

Buying a property takes a long time. Once you’ve found the one you want, you put in an offer to the vendor. They might go away for a few days to consider your offer. Even if it is agreed, you then need to find legal representation and finalize your financing. Surveys and checks can take weeks. If anything is found that your lender doesn’t like, you might have to start a new application with another lender.

At any point, the sale can fall through. There may be delays with other purchases and sales in the chain. Until the keys are in your hand, nothing is certain. It can be a bit of a waiting game. Of course, once the property is yours, it may be a long wait to see any return on your investment. Are you ready to buy a property?