Buying Your Investment Property – When you are over 50 and trying to plan a future.
Let’s face it – it can take some time before we are ready to buy our investment property.
Being in the right headspace counts for a lot as well as wisdom. You may have found that years of childrearing has cost you a lot of money especially when you make a quick glance at your balance and groan inwardly.
Some relationships may have not been quite right for us and any minute money goals from those early days may have come to nothing, as we struggled to make ends meet with work and expenses and a family.
Or you could have been caught unaware with Debt Agreements or Bankruptcy which has set you back.
However, this is a lesson in life, not a life sentence. We have all sorts of obstacles we come across and you do have an opportunity to refocus on your goals.
Buying an investment property will depend upon a few things – income and debts and your current financial situation for instance. Superannuation will play a role in the decision about your debts as well especially when you are over 50. A commonsense approach is necessary and needs to be right for you and your family.
One of the advantages of being older can be the kids have grown up, your not paying for Playstation or Xbox Gaming, no pocket money is being paid out, and you have an element of control over your finances. Food delivery services are at a minimum or non existent, mainly because over 50’s remember how to cook. So there are all sorts of quirks about being older and how you manage your money.
Important factors will be:
Your Exit StrategyLength of time you will be workingRental ReturnHealthType of employment you haveTerm of the loan
Some people buy the unit they intend to live in, during their retirement whilst they are still in their working phase of life. There are many reasons why people buy investment properties.
If you would like to have a chat about your situation, please call 0403 211 361 to discuss or email trish@georgefinancialservices.com.au
