What are the Benefits of Buying Property and Renting it Out, in Your Twenties?
Have you ever really thought about investing in your future? Most of us in our twenties can barely think about next week, never mind the next decade. However, if you want to be financially secure for the rest of your life, then it is well worth thinking about. Buying property and renting it out is one of the best investment options to get involved in, but is it worth it at our age? Let’s take a look at the benefits of buying to let, for those of us in our twenties.
One of the best things about buying a property at this age is that you can always keep hold of it for the future. If you’re renting it out, then you won’t be living in it straight away. However, it could be an option for when you get older. This is why you should consider buying a family home to rent out. While it is being rented, you are making income. When you’re ready to move in, you can. You’re seriously investing in your future by buying your family home now.
If you’re looking for money that comes in every single month, without fail, then this could be the perfect investment idea. This is called a residual income and requires very little effort on your part. You would rely on Hamptons property management services or something similar from another agent. They make sure that everything is fine with the tenant and that your rent turns up on time. You just have to enjoy the income.
Currently, the housing market is exactly where you want it. If you’re planning on buying, then there has never been a better time to do so. House prices are slowly beginning to creep back up, which means there will be an expensive boom again soon. It will then be unaffordable for most people to buy. You’ll have the upper hand in two ways. One, the rental market will become bustling with people who can’t afford to buy. And two, you’ll have purchased a property that has almost instantly risen in value.
If you’re in your twenties, then it may be worth talking to a family member about taking on this investment opportunity with you. Splitting the cost of the property is a great way to get started on the housing ladder. They may also have a better chance of getting a mortgage than you. Of course, you will have to split the income as well. This is a great option if you can’t afford to go it alone. Or, if your credit rating doesn’t allow for you to get a mortgage.
Most 20-something-year-olds still have lots on their bucket list they want to do. Nobody wants to be tied down to a mortgage just yet. By buying a property and renting it out, you can do just that. You’ll be able to travel the world. You’ll be able to find the right career choice. You’ll be able to do all of those things without having to worry about the mortgage on your home. Then, when you’re ready to settle down, you’ve got a house waiting for you.
There are so many benefits of buying to rent in your twenties, we don’t know why everyone hasn’t done it. If you’ve got the cash and want to invest, then go ahead. You won’t get another chance.