If you have your heart set on a particular investment property that happens to be out of your price range, you will need to consider alternate forms of paying for the property.
While payment plans and buy-to-let mortgages are perfectly viable options, they mean having to continue paying for the property over time. Unless you are able to generate the necessary money, this could be difficult.
An alternate way of investing out of your budget is to invest with a partner, combining your budgets to split the returns on a larger or more expensive property. This way you can also expand your buy-to-let portfolio quicker, as you are investing less money each time.
You can often benefit from each other’s unique skills, expertise or knowledge to help make your investment profitable. By working as a team you can help get the heavy lifting involved with investing done quicker and easier.
However, there are complications that arise with investing with a partner.
Arguments may happen which could fracture the working relationship, making it more difficult to manage your investment property.
You will also see less returns when investing with a partner than you would if you were to invest on your own, due to having to split the profit you make.
If you choose to use a buy-to-let mortgage, you will both be individually held responsible for it, and if your partner is unable to keep up with the mortgage repayments then your credit score will be affected as well.
To learn more about investing with a partner and if it is right for you, try our handy guide on the subject.