A Way To Make More Money
Getting on the property ladder (especially at a young age) is a money maker. You can purchase a property, invest money into the décor and facilities, and then rent it out to tenants. You will then be paid monthly by your tenant which can cover the mortgage. However, in the long run, this can be a nice money pot for retirement.
Can Be Cheaper Than Renting
It was found that in 2020, it was just over 9% more expensive to be paying rent than to be making mortgage payments each month. There are pros to renting and for some, this is the best way to go. However, your money is often going straight to the landlord’s pocket and paying off their own mortgage. Whereas, if your name is on the property ladder, you are investing in your own finances and setting yourself up for financial freedom.
Independence
Owning your own home allows you to gain independent freedom. You have the option to do what you want with it, when you want. You can make your home your own and it can be used a safety net for long-term use. Over time, you can generate value on your property and when it comes to selling, you can gain more financial advantages.
Climb The Ladder Easily
Getting on the property ladder is the hardest obstacle you will face in the process. However, after you have secured your first property, it is much easier to climb the ladder. Often people will then invest in multiple properties and rent them out to make more profit. This again is the perfect way to generate more income and set yourself up for early retirement.
Rose Woofter writes about sustainable luxury and the growing trend of eco-friendly, yet lavish, travel experiences, with a focus on heritage railway carriages.
