Published On: Sun, Apr 23rd, 2017

Property Purchases: 3 Alternative Ways To Find The Deposit

First-time home buyers will always struggle when it comes to finding their property deposit. In most instances, you have to raise around 10% of the purchase price yourself. That could mean you need to place around $10,000 to $30,000 in your bank accounts before you can move forwards. The obvious solution is to work hard and save as much cash as possible. However, sometimes you can make things happen faster if you think outside of the box. On this page, readers will find three suggestions that could solve their issue. These ideas won’t work for everyone, but lots of people out there could use them to get the capital they require.

Selling a structured settlement

Lots of people are awarded structured settlements by the courts these days. Maybe you were involved in an accident or something similar? In that instance, a judge might determine the guilty party only has to pay in installments. That’s great news because it means you get the compensation eventually. However, it doesn’t help you right now. That said, there is a potential solution. A Creative Capital Inc. structured settlement review could provide the answer. There are specialist firms out there that can facilitate the sale of your settlement. You will reduce the money slightly, but it means you can get a lump sum right now. That money could easily help to cover the cost of your deposit.

Selling part of your business

If you’re lucky enough to have started a company, you could sell part of it to raise the money you require. There are lots of specialist websites you could use for that process. When you part with a portion of your operation, you can then take a director’s loan or just withdraw capital from the firm. Just remember that you’ll need the expertise of your accountant during that process. You don’t want to get anything wrong because you could end up in trouble with the IRS. Still, it’s an easy way to find your deposit money without working too hard. Also, you can buy the investor out further down the line.

Selling your car

Research shows the average American driver will spend between $20,000 and $40,000 on their vehicle. That is around the same amount you need for the deposit on your first home. So, it could make sense to sell your car and use public transport. Also, you could purchase a property close to your workplace. That would mean you don’t have to buy another vehicle in the future. When all’s said and done, we all need to do our bit to protect the planet. It’s just a bonus if it also means you line your accounts with the case you require.

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At least one of those suggestions should apply to you. However, if none of them seem suitable, you just need to continue your research. There are hundreds of articles on this blog that could assist. Also, there’s no harm in asking a financial advisor for help. People working in that industry know lots of tips and tricks you might have overlooked.

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