Could Property Investment in Crewe and Nantwich be your key to a happy retirement?
I got talking to a gentleman this week about property investment and who should be doing it. After we spoke he said that he was going to invest some money in property for the future of his children. This got me thinking, I haven’t actually written a blog post aimed at the younger generation. So this is it.
Are you a successful thirty something living in Crewe and Nantwich?
Have you thought about your future and when you will retire. If you rely on the state or a company pension you could be 70 before you can claim your pension.
With current basic pension entitlement running at £115.95 a week for a single person or £231.90 a week for a couple. That gives you a yearly income of £6,029 for a single person or £12,118 for a couple. How is your company pension performing? Can you live on that amount?
Buying property could be your dream ticket to an amazing retirement….. So why do I say that? Lets be honest who is thinking about retiring when they are in there 30’s? If you ask your parents or work colleagues who are in there 50’s and 60’s when retirement is much closer they would give anything, to give up work and travel the world. This sounds great right? To do this don’t forget you need to have a decent income to help with a good standard of living.
Let me explain to you just what I am going on about. If you bought a terraced property just before the start of the millennium.
In September 1995 an average terraced property sold for £42,722 by the year 2000 the property had risen to £54,977. If we then jump to January 2016 an average terraced property sold for £111,273. Thats a whopping 260%. In todays market a typical buy to let mortgage will require a 25% deposit so if I demonstrate using todays requirements then it will make it slightly more real. Not only has the capital value increased don’t forget that there is the rental that you have been receiving each month for the 25% deposit you originally put down £10, 680 you will be earning a current rent of around £500 per month. So for an income of £6,000 per year you have more than recovered your deposit with the monthly rent.
If you bought a semi detached house you would have made a capital gain of £87,501 and an average detached property you would have made a capital gain of £168,637. If you build a property portfolio then you could be bringing in some serious money to see you through your old age.
So with those kind of figures can you afford not to consider your financial future?
I am not saying property is for everyone and you should always seek independent financial advice. If you would like further advice of what and where to buy then please give me a call on 01270 661395. If you have enjoyed reading this article and would like to read similar articles then please check out my blog here.