Invest in property for the price of a cinema ticket
Next time you fancy spending a tenner on a KFC bargain bucket, five Lotto tickets or a trip to the cinema, you could think twice and buy a slice of property instead.
Property crowdfunding platform, Property Moose, has slashed the minimum price of investing in its properties from £500 to £10. It means that if you can’t afford to buy a property – or you’d rather take more of a risk with your savings – you can put a little spare cash into the property market.
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Current deals on Property Moose’s website include a five-bed, tenanted house in Nottinghamshire for £163,000 and a two-bedroom house in Greater Manchester, priced at £77,000.
Andrew Gardiner, founder of Property Moose, says: “We wanted to give everyone the chance to invest in property, whether they have £10 or £100,000. You could use that £10 that you find in your jeans’ pocket on a takeaway or a couple of coffees… or you could invest it in property, watch your property portfolio grow, and potentially earn a return from month one.”
Property crowdfunding platforms bring investors together to buy properties for the buy-to-let market or development projects – but remember, property prices can go down as well as up, so you shouldn’t invest more than you can afford to lose.
The catch-all term applied to investors who buy properties with the sole intention of letting them to tenants rather than living in them themselves, with the proceeds from the let usually used for the repayment of the mortgage. Buy-to-let investors have to take out specialised mortgages that carry higher interest rates and require a much bigger deposit than a standard mortgage. Other expenditure can include legal fees, income tax (on the rental profits you make), capital gains tax (if you sell the property) and “void” periods when the property is unlet.