Buying a property depends on what suits you and the approach you choose to acquire such. You can either contract to purchase a property as a lone ranger or use the group approach in acquiring properties while others opt for the cooperative approach.
It is so interesting that you can be a proud property owner without much stress using the Group property acquisition approach? In Simple terms, the group approach is when a group of friends come together with the aim of buying properties together in a common area. This ensures that they stay or own properties together in that location.
In situation such as this, this group of friends approach the same agent to help them search for a suitable property in a common location. They are usually a group of 5-10 friends. Like they say, two heads are better than one. When a group of friends come together to acquire property from a common source and place, there is so much advantage in that than going in search of a property as an individual or what you can term ‘lone ranger’.
Invariably, the individual approach to property acquisition is not as safe and easy as the group approach. Going out into the market in search of a property; as an individual you are exposed to more risk than if the search is done as a group of friends with a common goal.
However, the most important thing to put into consideration while adopting the group approach to property acquisition is that you must have a good knowledge about those you are in the wagon with; I mean the friends that have come together to actualize their dreams of becoming proud landlords. As the saying goes; Birds of the same plumage flock together. So, who are these friends you are flocking with? Can you tolerate one another? Do you have mutual trust for one another? Do you all have the financial capacities to acquire the property you are gunning for? Are you all of the same financial class? Etc.
All these questions and more should be answered before taking on the peer project.
In all, whether you are buying from a property firm or an omonile, group approach to property acquisition is a lot easier that the individual approach.
Group approach to property acquisition gives you the leverage to own properties within your income bracket.