There’s no denying that retirement is the focus of everyone. It is an instinct to want to secure your future with a predictable and steady stream of income for when it's time to sit back and enjoy the life you worked hard for.
The main Real Estate part of which you can secure a steady and predictable monthly income from, as a retirement plan, is Rental Income (home or commercial).
It’s certainly not a method to be taken for granted, but when done properly it can definitely secure your and your family’s future. It involves identifying suitable properties, common pitfalls to avoid, and how to secure financing.
Owning a property entails the following essential considerations:
- Finding the right property: What I mean by “the right property” is the right property for YOU. The property has to be within your budget, and it has to be in an area that rents easily.
- Finances and taxes: Make your calculations to make sure you are working within your budget, and think of any tax benefits you may be eligible for.
- Maintenance: Just like owning your own home will require maintenance, any type of property you rent out will require the same. At times, it may require even more because renters aren’t usually as careful with rented properties as owners are.
- Property management companies: Now this is a very essential point. Property management companies save you a lot of time and money, yes money. Not only are they responsible for your property’s daily maintenance, but they are also responsible for advertising your property and finding tenants. Having an unoccupied property is considered a loss, therefore finding tenants is an essential role they play.
The goal here is to create a SYSTEM that works for YOU. A well-located property, affordable monthly installments, and run by professional property managers. Securing you a steady monthly income that can act as your retirement safety net.
Start by finding the right broker, one that can answer all your questions and concerns. Your golden years deserve a golden service. Always go for local knowledge and years of experience!