Sometimes a question is asked as to why people buy another property. The good thing is an investment property can give you a great retirement income. Even just buying a few extra properties over time can grow you with a attractive retirement fund in ten or so years time.
Take a look at this illustration. Many folk own one home which they live in and they pay the mortgage on it. Other bills will have to be paid such as council tax and utility bills too. The homeowner will need to work to keep on top of the bills and keep up with the mortgage payments. Income tax also needs to be paid from your job which also eats into your income. With the bills and your income tax can at times equal 2/3rds of your wages. Leaving just a third of your wage left to spend.
Most individuals are just pleased to pay off their own mortgage and own their own home. Although that does not resolve the trouble of paying for the rest of the bills such as gas and electricity and your own existing cost. So the same scenario remains, you have to maintain working to pay the bills.
The idea is to have houses bringing you in money instead. This source will continually bring you in an income, so you will have money coming in all the time. This is why having income producing properties is important. The income property can still be mortgaged and you can still make money from increased rents.
As the years go on, your properties will increase in value and your rents should increase too. Once you have paid off the repayment mortgages, you will own the home outright. The cash earned from these properties should be sufficient to pay all your utility bills and give you a lavish liifestyle
Another reason to use income producing houses for income is that you don’t physically have to be around to run them. You can use agents to run it for you and other work men to do the maintenance. This means the money can roll in while you are not there. I am capable of being in some accommodation in Barbados and still earn money. You could also be staying in a hotel in Barbados while your properties earn you cash.
July 7th, 2010
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July 7th, 2010