Property is just one of those sectors which really peeves me off because the on-goings thereof go against everything which forms part of the basic human right to shelter. In our evolution as a society — as the human race, we’ve somehow given up some of our basic survival instincts, one of which is to build or find shelter with your bare hands.
Additionally, basically if you don’t have a job and if you don’t have a primary home from which you hail, it’s just about impossible to try and enter into the property market, let alone try and climb the so-called property ladder. Just try to get some social security services without having some form of identification document and try to open up a bank account without a permanent address or phone number and you’ll perhaps find yourself baffled as to how some people survive out there. Taxes
The Problem with Property
The truth is with the manner in which the system is currently designed and operates, most people will go through their entire lives never having owned a property. Most people will go through their lives, all the way to their graves never having truly experienced what it’s like to be able to say “I have a home to go to — a home which no matter what happens, will always provide a roof over my head.” The issue of property taxes is another discussion altogether as any backlash from tax authorities which deal with property tax delinquency only really comes to the fore when there’s a desire for the property to change hands, i.e. if you inherit a property or when you try and buy a property, that’s when issues of non-payment on property taxes really come up.
Make no mistake about it though — it’s a serious challenge in beginning the climb up the property ladder, but which business-minded person doesn’t like a challenge?
The Fight for Property is Worth it
As challenging as it may be though, if you can get a few steps up the property ladder you’ll be in on what can be a very lucrative market, so I’d say it’s worth a try either way.
The one secret to success in the property market is using the property you’re trying to purchase as an income generator. It’s all good and well being able to get a loan from the bank, but just default on two or three months’ repayments and all your previous contributions to paying the home loan off could be as good as nothing since the bank can repossess your house. For us entrepreneurs however that would perhaps not even be an option in any case because which entrepreneur has a good credit record or any credit record at all at the time during which they’re entertaining their ambitions of something like starting their ascent up the property ladder?
So you’ll have to look at creative ways of funding your property purchase, but one thing that’s for certain is that the property itself should contribute towards paying itself off, like renting out your basement or even renting out the whole house. Options are aplenty as far as that goes today with the likes of AirBnB making things that much easier.