Getting ahead financially is one of the toughest hurdles for single mums, with many scraping by on day-to-day expenses. But with only themselves to rely on when it comes to income and building assets and with children depending on them, it’s more important than ever to build wealth.
Too hard basket I hear you say. Well it doesn’t have to be. Property investment is one of the best ways to get ahead financially. Investing in a home now will see your money grow and someone else will help pay off the mortgage for you when you tenant it.
Property can double in value or more over a ten-year period, giving you equity or money if you sold that you probably would never have been able to save yourself during that time.
And now with co-ownership becoming more common you don’t need a big bank balance to start investing in property. Platforms like CoVESTA bring potential property buyers together to jointly invest in a property. You can find the home yourself you want to invest in, even live in it if you like, and start a syndicate on the CoVESTA platform, or simply join one already listed.
The property is divided into 100 blocks, each representing a one per cent (1%) ownership stake. You then reserve the number of blocks you wish to purchase by paying a one per cent (1%) deposit of the total investment amount.
If all 100 blocks are not reserved within 35 days, the syndicate closes and anyone who has put down a deposit then gets the option of choosing another syndicate to join or a refund. If all 100 blocks are reserved, CoVESTA will then purchase the property on the syndicate’s behalf.
The property is held in a trust for five years during which time investors will be paid their share of the rent, less fees and expenses, on a quarterly basis. There will be properties that will practically pay for themselves.
Single mums are always short on time which is why CoVESTA works well for them as it also acts as the property manager, finds a suitable tenant, takes care of the lease and looks after any repairs or maintenance, leaving investors with less admin and a simplified property management experience.
What about the risks? It’s minimal because you’re not taking out a massive mortgage to buy a house, you’re just spending what you can afford to own part of one. And if your income grows or you inherit some money you can simply grow your investment by buying more blocks in a property and build your wealth.
No one is going to make the step forward into property investment for you but it’s been made easy for you to find the path.