The Reality of Investing in Property
The Reality of Investing in Property
Property can be called an "illiquid asset." Basically what this term means is that you will have to wait some time to get your hand on the cash you've made. But, if you have a bit of equity in a property, you may find a mortgage company that will lend you money on that equity and this will enable you to get your money from the property very quickly.
There are also some other things you must consider with investing in property. Investing in property will take a big time commitment and a bit of money for maintenance of the property. If you rent out the property to tenants you will need to deal with a letting agent that will ensure that your tenants pay you on time and you should make yourself able to cope in the event that the property is empty for a month or two. Along with these concerns, you may also need to perform some repair work on the property, too. Other things that will cost you some money are the property insurance, energy efficiency inspections, and keeping up with regulations. And speaking of regulations, you will need to make sure that you understand and know what all the rules and regulations are for your landlords and tenants.
If you compare other types of investments such as a savings or a pension fund to your property you will find that there is a significant time commitment. In managing your properties and making sure they are in good working order you'll have to spend a great deal of time.
On the other hand, a savings or pension fund is something you don't really need to give that much thought or attention to on a regular basis as they tend to manage themselves. Basically, there is someone else who is looking after your money and your only commitment is to make monthly contributions while you maintain your hopes of having enough for retirement.
Therein is the largest problem. There are way too many people who trust our money concerns to other people and place out faith in them to care for our retirement monies. But, if there happens to be a shortfall with your pension, who is there to help you out? Year after year state funding for pensions are declining, so the government is not an option.
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