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PostPosted: Wed Aug 16, 2017 8:15 pm 
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chrrris wrote:
I'll add my voice to the "pay off your mortgage" contingent. Unless you count monthly DDs for the phone bill, council tax, and Sky TV etc, I owe nobody anything, and it's a wonderful feeling.

I do suspect the financially astute thing to do would be to buy a house and rent it out -- obviously, through my work I come into contact with a lot of people who do that and they seem to do alright out of it in the main. But in a case of "get more money, have more problems" or "have less money and fewer problems". I will go for the second option every time!

I can understand that attitude. Being on the young(er) side though I am thinking about the future and retirement. A pension is not something I can rely on to pay for my later years, they are all but bankrupting the country now, goodness knows what it will be like in the 40 years between now and (best possible) pension age.

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PostPosted: Sat Aug 19, 2017 10:19 am 
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Exactly correct to be thinking about your pension! I can't believe it's only just been mentioned.

I feel that the income from a paid-off rental property is hugely more beneficial in the long term compared to perceived security (which is usually based on faith on the future of the UK financial institutions and governments, haha). Managed properly it will bring you far more than any current investment will as well as adding a second income to bolster your current home mortgage, then your pension once your mortgage is paid off.

How long is your mortgage? How long do you plan to work for? How secure is your current income? Lots of things to consider outside of a simple A or B answer.

Importantly realise that being a landlord is an obligation. You are responsible for the quality of someone's home. Take pride in it and it will serve you well but don't expect a cakewalk, it's a job like any other.

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