Property

The Cost of Property Around the World

A dream of owning your very own private island or small castle seems a bit far fetched when you are expected to dish out around £550,000 for a 1 bedroom, 1 bathroom, 50m2 apartments in central London.

But what if we told you that you could very well own your very own private island at about half the price of a small flat in London or even a mini castle of your own at basically the same price if you simply chose to live in a different location?

Property in the UK is incredibly expensive compared to property in other countries. There are various factors that contribute to this dramatic difference in property value such as currency differences and geographical location with regards to business centrals. These differences make it entirely a possibility for you to buy more affordable, more luxurious property in other countries.

In Andalucia in Spain, for example, you could own your very own 406m2 mill with 5 bedrooms, 2 bathrooms, a terrace and playroom for as little as £282,354. Does paying 94.79% less per square meter surprise you? Then prepare to be amazed.

In Belize in Central America, you can buy a 4070m2 private island with a jetty and pool for as little as £291,171.

These property prizes are astonishing and definitely worth considering whether you are interested in property investment or in purchasing a holiday home outside the UK.



In the following infographic, you can check out a few other fantastic property deals in different countries across the globe that will give you a much better idea of what you could get if you just think outside the box.

 


To Buy or to Rent? That’s The Question

As we embark on our careers and start a family, many young adults choose to invest their hard-earned money by buying their very first home. It’s an exciting period with a lot of learning involved; from finding the right place to buy, to getting the right kind of insurance, and selling it again a few years later.


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In the meantime, however, you’ll see the same generation choosing to rent instead of buying – and they claim to have made the right decision.

While we can’t make a choice for you, we can show you the pros and cons of both options, so that you can find the one that works best for your lifestyle and finances.

Buy to build equity over time

Die-hard tenants can talk about the benefits of renting all they like, but they still won’t be able to build the kind of equity over time that homeowners can. You can always find another way to invest the money you would have spent on a home, though, and those who choose to buy are not joining some sort of exclusive investment club.

By renting, you’ll be paying down on someone else’s mortgage which is exactly why many people choose to buy instead.

Keep in mind that equity does not equal automatic profit, and the area you’ve chosen to invest in may very well take a dip in value over time. Renting your home may not build equity, but there’s also no risk involved as you can pack up and move when the street turns student-friendly.

Relocation is easier for tenants

Those who love the freedom of simply giving a few weeks notice before packing up their stuff and head to Thailand to work for a year or so, would never consider buying a place. Sure, you can become a landlord and find tenants – but it’s tricky to maintain a place when you’d like to trot the globe instead.

Not only can you stay flexible and volatile when it’s time to head abroad, but you can easily upgrade to one of those fancy city apartments without having to go through the hassle of selling first.

Responsibility for maintenance

While owning your own home gives a lot of creative freedom as you may decorate and spruce it up as you please, you’ll also be the one in charge of taking care of whatever repairs and maintenance your home needs.

This can be quite expensive; it’s estimated that you’ll spend about 1 % of its total value each year on repairs.

The furniture in your home may also be yours to keep, but you can include the cost of keeping this up to date as well. Most rentals come furnished and, while you have to take reasonably good care of it, the wear and tear of living there won’t come off your paycheck.

Small families and those who plan on staying put for the next couple of years can really benefit from buying instead of renting. You’ll be involved in the community and feel that sense of belonging that is so important for small families; until then, don’t worry.


Which Qualities Most Affect The Value Of Your Property?

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If you are investing in real estate, it goes without saying that you want to earn as much as you can from it. This, in essence, is the primary goal, and it can be surprisingly challenging making it happen as well as you would like. However, the more you understand about the whole process, the better, and that is where this comes in. One of the main things you need to comprehend well is what it is exactly that increases or decreases a property’s value. This will help you to understand better when to buy, sell and when to just sit still. Let’s have a look at a few of the most important qualities in this regard.

Location

This first one is often referred to as one of the basic tenets of real estate. If you are happy with the location of the property, you can be fairly confident that it will have a good value. But knowing what constitutes a popular location is another matter altogether, and is generally the kind of thing that you come to appreciate through trial and error and a little bit of patience. But something that hardly ever changes is that an exotic location can really help boost the value. You are more likely to be able to charge more for a waterfront property than a suburban one, for example, so it is worth bearing those kinds of considerations in mind as well as possible.

Fixtures

The quality of your fixtures and fittings, as well as what kind of ones your property has, will make a huge difference to the value – much more even than the building material of the property itself. You should endeavor to keep your fixtures and fittings in the best possible state for as long as possible, as that is the number one way to ensure that your property retains its value as much as it can. Of course, a certain degree of wear and tear is expected, but you should still try to minimize this as much as you can if you care about retaining some of the property’s inherent value. Fortunately, this is the kind of thing that can be easily fixed, should it come to that.

Crime

If you were wondering whether the neighbourhood affects the value, the answer is yes. But there is one factor in particular which has an enormous influence, and it is the crime level in the local area. If you find that local crime increases, this will absolutely have an impact on the value of your home. Of course, this is the kind of thing that you cannot control, so it is merely something to consider as you are purchasing a property. But the more you know about how your property’s value is affected, the better equipped you are to try and make the most of what you have got.

The more factors you are aware of, the easier you will find it to make the most of your properties, so keep an eye on as much as you can and you should find that beneficial in the long run.

 


What Should You Be Looking For When You Buy International Property?

There was a boom in investments in international property just a few decades ago. Many people were interested in buying properties in sunnier climates like Spain and Portugal. Some were buying timeshares in apartments or houses they could use during the holidays. Others were keen to buy a property they could call their own to use as they choose. Some people invested in properties that weren’t yet built. Not all them ever did get built. Others invested in property management companies that no longer exist. It’s not surprising many of us are wary of buying overseas these days.

Of course, property remains a viable investment. The value of many properties can continue to rise as a long term interest. So how can you be sure you’re investing in something that is going to offer you a good return? What are you looking for?

Location, Location, Location
It doesn’t matter which country, region, or town you’re interested in. You must know the location well. You can choose to hire someone to provide you with a property research pack. This will include historical data and statistics. You may need to pay a local authority separately to receive the most up-to-date planning information for development in that area. It could be considered a good investment to pick an area that has secured funding for regeneration. This often suggests it will become a desirable area in the near future.

Money, Money, Money
Not everyone has enough money up front to cover the cost of an apartment or house. Look for companies like Enness International that specialize in international mortgage solutions. As laws and regulations differ from country to country, you will need to make sure your money is protected and welcome for that transaction. Some properties are not eligible for international buyers. Others may have caveats or covenants that are not in your best interest. Invest some cash in finding the right people to give you the right information.

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Why?

Why do you want to buy a property overseas? The purpose of your purchase is likely to come under scrutiny when it comes to your finances, as well as with local interested parties. Are you planning to rent it out? Is it to become your summer residence? Or maybe you’re planning to live there permanently? Make sure your intentions are clear. If you think you may have a second purpose for the property, now is the time to declare it so you can be sure you’re in the clear to use it that way in the future.

summer residence

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Value

Over time the property markets will fluctuate. If you want your property to hold and improve its value, you will need to look after it. Beyond the cosmetic appearance of the property inside and out, you will need to make sure maintenance is up to date. It might be in your interest to support local ventures that could see the area become more desirable.

Buying international property may present more challenges than buying locally. But you have a much wider range of choices and perhaps more opportunity to invest. Do your homework thoroughly, and a property may soon become your next investment.


Do You Need Your Property To Hold Its Value?

When you invest in a property, usually the reason for the investment is to protect your financial future. You invest your funds into property so that your money can grow over time, increasing the amount of funds that you have for your future. Except, a property’s value isn’t always guaranteed to grow or even hold its value. You see, in order for your property to hold its value or increase in value, it needs to be well taken care of. The question is, what updates need making and how can you go about taking of your property to help it to hold or increase its value? Here’s everything that you need to know:

Don’t put maintenance off

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One of the biggest mistakes that you can make when it comes to the value of your home is putting maintenance tasks off. The reason for this is simple; it’s because if you don’t make an effort to properly maintain your property, all sorts of problems will occur. That’s why property experts recommend that you ensure that all maintenance is kept on top of, from the small tasks to the big ones.

Take out a loan to cover the costs

When it comes to covering the costs of home maintenance and updates, sometimes they can seem too high to afford. However, if you want to ensure that your home holds its value, then it’s important to consider taking out a loan to cover the cost of any maintenance or home updates. This should make having any work completed more affordable. One loan type that a lot of homeowners choose to take advantage of is a refinance mortgage. Cash out home refinance mortgage rates are good right now, making this type of loan a good choice. The reason that a lot of property owners choose to go for this type of loan is because it can also help to reduce the rate of interest that is being paid each month, making mortgage payments more affordable.

Move with the times

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As well as ensuring that your property is well maintained, if you want to increase the value of it, it’s crucial to move with the times and ensure that you are making updates as and when necessary. The fact is that properties that have energy-efficient solutions installed, such as solar power, for instance, tend to have a much higher value than homes that don’t. Smart homes also tend to have higher values, which says that moving with the times when it comes to your home is crucial if you want to increase the property’s value, that is. There are different home updates coming out all the time; it’s just a case of being selective about the ones that you choose to invest in, that’s all.

The fact is that a property is a fantastic investment as it offers you long-term stability for your investment, as long as you take care of the property properly, that is. If you want to see your investment grow, instead of staying the same, moving with the time is crucial and updating the property to meet the current property trends is a must.


Potential Problems With Modern Property Searches & How To Fix Them

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Investing in property is always a good idea. Real estate isn’t hard to understand, and the return on investment is usually very high, so it’s a no-brainer. The hard work is finding the perfect property. Houses or office space won’t come to you – you have to come to it, and that poses problems. Most of the problems that arise when you search for a house are cosmetic and easy to fix. However, there is one or two which are potentially damaging and much harder to solve. Here are the issues you will need to look out for and how to mend them.

Not Considering The Options

Lots of investors think they have the right property and make a bid as soon as possible. Even if it turns out to be the right decision, it is very much the wrong move because it is irresponsible. As a potential investor, it’s essential to look at as many properties for sale as possible to get all of the information. A sound investment is one that you base on facts and analysis, and you can’t do that without all the data. To make sure you avoid this mistake, keep on looking even if you think you have hit gold. No one knows when a better opportunity will turn up – how can you if you don’t have your eyes open?

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Under Budgeting

Most properties aren’t cheap. In fact, they are some of the biggest expenses on the planet as one house can cost hundreds of thousands. With that in mind, it’s imperative that you have a detailed plan for the total cost. The last thing you want to do is find out you don’t have the money to continue the investment after you have signed for the mortgage. A realisation like this is enough to bankrupt anyone and turn your dreams into a nightmare. So, think of every possible cost and write it down before you make a bid. Then, add the costs up and weigh them against your budget. If the expenses are more than the budget, then it isn’t a substantial investment. A sound investment is one that makes you money and doesn’t potentially harm your future.

Overestimating Your Worth

No one wants to pay for a plethora of professionals to take care of every odd job around the house. Sure, some jobs will need an expert and an expert only, but there are some you can do, right? It is true that a handy person can take care of a handful of jobs as long as they have the knowledge. What they can’t do, though, is complete every single task alone. A qualified joiner wouldn’t be able to renovate a property alone, and they are professionals. There is too much to do and too little time, which is why people like estate agents, builders and architects are all essential. Yes, they do add to the cost, but they also prevent the house from crumbling and ruining your investment. In most people’s book, that is worth the money.

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Lack Of Trust

As you know, it is essential to outsource during the search. The problem with outsourcing is that it requires trust, and some people aren’t trustworthy. It isn’t like they are trying to swindle you out of a fortune, more like they value their interests over your interests. But surely it’s human nature to be selfish? Well, when it comes to a realtor, you need them to be selfless. As a novice, you don’t have the skill set to spot a good investment. Frankly, you’re relying on them to help you choose the right investment, and they might not be so helpful. Estate agents can manipulate people into buying the wrong house, for example, because they will get more commission. Even though they know it’s wrong, they see the money signs and can’t help themselves. Clearly, you need someone you can trust, so you need to look beyond their resume. How do they come across as a person? Are they yes men looking for a deal? Do you get the impression they don’t care about you or your investment? These are all important considerations before you hire a realtor to help you find a property.

A property search is one of the hardest parts of making an investment in real estate. Get the search wrong, and you could literally pay for it for the rest of your life. The good news is you won’t have to thanks to these tips.

 


Four Steps That Will Make Selling Property A Lot Easier

If you’ve ever had a piece of property that’s hard to shift, you know what kind of hell it can be. It’s there, ever on your mind, as much of a liability as an asset. The costs keep rising and the payoff keeps shrinking. It’s a nightmare scenario worth avoiding as much as possible. Which is why we’re going to look at the steps you can take to make it easier to sell your next piece of real estate.

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Recognize potential

If you’re looking for a quick and easy investment, you will want to ignore the vast majority of ‘fixer-uppers’. However, if you’re alright with the long game and you want the most potential profit, then you should be willing to be a bit more creative in spotting potential. If a home looks like it has some improvements just waiting to be done, like an easy renovation or space for an extension, do some pricing. Figure out if the change to the valuation is going to do much to exceed the costs of it all.

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Know the market

The better you understand the appeal of any one property, the better a chance you have of selling it. Proximity to schools, like a lot of suburban areas, means a better appeal to families. Proximity to commercial areas, like Alta Yorktown apartments, means greater potential for professionals. Proximity to colleges has an obvious appeal to students. These subsets of people are going to be looking for accommodation or buys specific to their needs. Knowing the appeal can influence the direction you put on the advertising, helping you emphasize the greatest possible value the property has the market that sees the most appeal in it.

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Know the costs

In part, the idea of improvements touches on this, but you should know how much it’s going to cost in the process of buying and selling. Inspections, valuations, conveyancing, these costs all eat into the profitability. If you need more work done on staging and preparing the home, you have to consider that, too. Particularly in renting, you need to go very long-term to see if there’s a potential for profit. Without the right preparations, you could be dealing with a long-term cost instead of a long-term gain.

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Going further afield

Noticing the appeal of single areas to potential target markets is important. But it’s also worth paying attention to development and potential of whole cities, too. Looking at the best cities might mean, for instance, looking at where more jobs are moving and where new industries are growing. By paying attention to the news surrounding a whole city, you can scope out where the highest number of potential investments can be found. Rest assured that home builders and other businesses are looking at the same news and seeing the same potential.

Simply put, it’s all about spending more time to spot the right place. Think out the appeal, think out the potential gains of your efforts, and think out how the process is going to affect them.


New on the Property Ladder? How to Cut the Cost of Living

The average annual cost of living in the United States for a single adult with no children is $28,458. With food estimated to cost $271, healthcare at $273, housing costing $560, taxes taking £372, transportation coming at a price of a whopping $493 and other necessities esteemed in the region of $401: the monthly cost of living in the U.S. is $2,371, and this is all without having to spend money on childcare!

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Does this sound daunting to those of you who are taking your first steps on the property ladder? If you do feel apprehensive about getting your life of independence up and running after seeing those figures, then that’s nothing to worry about: it’s only natural to think about how you’re going to manage all of the financial expenses that you have never really dealt with before. What you should worry about, however, is trying not to exceed that estimated annual cost, as well as worrying about how you can beat it. And there are a number of ways in which you can beat it — if you really want to, that is, because it can require some dedication.

Starting with the first in that list of expenses: your monthly expenditure on food. Who knew eating could end up costing you $271 a month? But it doesn’t have to cost that much, even if you love food and have no intention of cutting back on your eating habits. Whether you’re planning on eating alone, cooking for others, binging on snacks or making your lunch for work, there are many ways to become frugal when it comes to food. One bit of advice is to plan out your shopping trips and shopping lists before you head to the grocery store, and stick to them! Don’t give in to the impulse monster inside of you that is screaming that that ‘deal’ is everything you could ever need, and that snack will be a great financial venture. Now, this isn’t to say that you shouldn’t look out for deals and that you shouldn’t put treats on your shopping list, it’s to say that you should work them around your budget that you set yourself beforehand. Also, you should aim to schedule your shopping trips around your payday so as to not only get this imperative expenditure out the way as early in your new financial cycle as possible, but so you can give yourself a coherent timetable for your spending. Small expenditures, especially the ones we don’t plan for, eventually add up to big money spent, so make sure you stick to that budget.

Now, on to healthcare, possibly the most bitter pill to swallow (no pun intended) when it comes to expenditure. The price of U.S. healthcare has reached a new peak, but could come down under new legislations and the proposed repeal of Obamacare. But even if a decrease in the cost of remaining fit and healthy doesn’t come to fruition, there are ways to make sure you are getting the most out of the fees that you do pay. These include doing research into different insurance policies — you want to try and find a plan that includes your doctors and our medications, plus one that provides care for any chronic conditions. Something to remember is that information found online is not always complete or even completely up to date, so it is best to call the doctors personally to make sure they still participate in the insurance plans that you are considering.

Next up is the cost of making sure you have a roof over your head every night. This is the area that, understandably, drains the most out of your finances. Unless you’re still living at home with your parents and revelling in the cheap monthly rates they charge, most of your monthly outgoings will be spent on housing costs: as seen above with the monthly average being $560, but it doesn’t have to be quite as substantial as that. There are ways to save money on home insurance, for example, including: combining home insurance policies with car insurance (or any other type of insurance) policies in order to tap into discounts, deals and savings; remaining loyal to an insurer to see that your premiums come down year after year; and improving your credit rating by avoiding filing claims frequently. If none of this is of any interest to you, however, you could even look at an apartment for rent in a country that isn’t the U.S., if you ever feel that your American dream has turned into too much of a costly nightmare. Or, an idea that is slightly more ‘out there’ is to move into a school bus. Yes, you read that correctly, a school bus.

But, back into the real world, there are taxes that you have to deal with. But, it doesn’t all have to be doom and gloom when it comes to dealing with it; there are ways that you and reduce the bills induced by tax. Firstly, you should check if you qualify for the earned income tax credit, which applies to low- and moderate-income taxpayers. Karl Frank, author of the book Go Tax Free, urges anybody who is earning less than $50,000 a year to check whether this credit applies to them. However, if you want to take matters into your own hands, then you could start a start-up business. Becoming an entrepreneur can improve your tax situation because business owners are able to take more control over how they pay taxes. They have the option of keeping more money in their company instead of drawing it down as income, and they can also count certain costs as expenses. And becoming a business owner doesn’t even mean you have to add the financial headaches of said business to the ones you already have with the cost of living. Even if you don’t think your start-up warrants the hiring of an accountant, it does in order to both focus on the tax issues of registering the business and to make your business seem bona-fide. Plus, you never know, your business could even take off and go from start-up to market leader, meaning you’d never have to worry about having to cut the cost of living ever again. But if this all seems a bit far-fetched for your liking, then you could settle down and start a family as there are a number of benefits of having children when it comes to taxation. Whichever way you go in trying to cut the costs of tax, however, be sure to avoid these ten common tax mistakes.

As previously mentioned, you can combine car insurance with home insurance in order to not only save on housing costs, but to dig into the $493 (or thereabouts) that you’re spending on transportation. But this isn’t the only way you can bring that figure down. If it is a car that is eating away at the money in your wallet, and you don’t fancy walking to work every morning (or it just isn’t practical), then there are a few ways to cut down on car-based expenditure, some of which you’ve probably never tried. One way is to remove any excess weight from it, because the less weight your car carries, the more fuel efficient it will become. If you lighten your load before you travel, you will also lower your car’s fuel consumption; other ways ways to cut down on this include: checking your tire pressure; when at the pump, keeping the hose in the tank until the pump shuts off in order to make sure you allow all the fuel to put out of the nozzle; and, when appropriate, using cruise control. Other ways can be found here. But if it’s not cars that get you from A to B, but flights, then there are ways to cut down there too. If you’re a high-flyer, then you should look to optimising connecting flights as much as possible, as well as considering multiple routes.

And then, finally, it comes down to cutting down, or even eradicating, spending money on other necessities. First of all, you should take care in deciding what actually are ‘necessities’; the first thing to examine are things that you do not need. Unlike the other payments mentioned above, these expenses are not necessarily needed, so they are considered discretionary. If you have any discretionary expenses that aren’t contributing to your life, i.e. gym memberships that you aren’t using, gadget insurance for gadgets that have long passed their sell-by date, or even subscriptions to streaming services that you are using maybe once or twice a week. Make sure to check these tips to help you keep from spending money unnecessarily.

So, there you have it. A few hints and tips in helping you both deal with and cut back on the cost of modern day living. And remember, it’s not all about expenditure. You can make a profit from climbing the property ladder too.


3 Guidelines For New Property Investors

Starting and maintaining a healthy property portfolio is a dream that countless Americans have, but few actually have the courage to pursue. Yes, it’s a long road from here to those huge pay-outs you keep reading about, and there are all kinds of risks along the way. Having said that, if you want to learn how to swim, you’ve got to jump in the pool at some point! If you’re finally going to step onto the property ladder, here are some valuable tips to keep in mind…

Know Your Milestones

Before you invest a penny in your property portfolio, it’s essential to take some time to quantify just what it is you want to achieve through it. Do you want a more stable financial future and less reliance on your pension? Do you want a certain amount of passive income every year? Do you want to eventually sell all your properties and invest that money in something even more significant? For most of you, you’ll have a mix of goals including general growth and a stronger cash flow. Whatever you’re hoping to get out of your investments, make sure you quantify these into milestones and mark them on your calendar.

Start Reading More News

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While pretty much everyone can get on board with the idea of purchasing real estate at a low price and selling it for a higher one, if you’re not already taking an interest in current affairs, particularly the ones that could have an effect on supply and demand in the property market, you’re going to struggle. Political shifts, the state of the economy, and interest rates will all have a massive impact on the market, and understanding these impacts will be a big help in making the smartest possible financial decisions. We’re already seeing a lot of big changes on the horizon with Trump’s inauguration, and you may have heard various property investors talking about why we need to save the 1031 exchange. Keeping up with current events is part of the package when it comes to property investment, so start getting into a good rhythm for it now!

Forget About Proving Anything to Someone

One of the worst reasons you could get into any kind of investment is to prove yourself to someone. Unfortunately, this seems to be at the root of why a lot of middle-class people decide to launch themselves into the property market. Property investment is a serious business, and the only person you should worry about impressing is yourself. If you’re not sure about your motivations, take some time to really consider them. Forget all the party bragging rights and similar white noise. Instead, think about how driven you are to succeed in the market, and what you ultimately hope to achieve. There may be other methods which could gain similar returns, and be much better suited to you.

As you take your first, uncertain steps into the property market, be sure to keep these three pieces of advice in mind.

 


Do You Own Several Properties? Heres How to Manage and Make the Most of Them

Some of us come into possession of multiple homes not due to our wealth and investments, but usually due to family members passing the torch. A home that was owned by a retired family could be passed on to you if they decide to move in with you or into a care home. As a result, we might end up with multiple properties at some point in the future and you might be unsure what to do with it.

To help you decide what to do with your extra properties, here are some ways to make the most of your newfound ownership. Keep in mind that most of these will take some time and knowledge investment, but this guide will hopefully give you some idea on how to proceed with your choice.

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Sell the Home

The first obvious option is to sell it. If you already own or rent a home, or if you don’t want to move into your new acquired home because it’s too far away or for other reasons, then it’s never a bad idea to just sell it. A quick Google search of “sell my house” will bring up lots of quick-sale services that will pay you in cash for your home as-is. This is great if you want to get rid of the responsibility as quickly as possible, but you’ll get more money if you decide to list it at an estate agent.

Selling your home regular way might invite a lot of unwanted stress and work. You need to allow potential buyers access into your home, you might have to pay realtor fees and you might not even sell your home for months to come. It’s a good idea to clean up the home, tidy up the furniture and fix anything broken so that your house leaves a good first impression.

Make sure you speak with your realtor about all the hidden fees and costs of selling your home via their services. You don’t want to be hit with a nasty surprise when you get the money deposited into your account and it’s a fraction of what you expected.

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Rent It Out

Many people dream of owning a property to rent out. Unfortunately, not everyone has the money or time to invest in real estate, and it becomes a pipe dream that escapes them. Fortunately, if you own a property that you don’t actively live in, you have the right to rent it out to people.

Be warned: renting out something isn’t passive income. Contrary to what people believe, you can’t simply list your property as a rental and expect to have thousands of people flocking to pay you money to live in your home. Far from that. Reaching out to potential tenants alone is a frustrating task because of the real estate fees that you have to pay, and you need to speak with each tenant individually unless you want to let the real estate handle all the transactions and negotiations for you (at a price).

In addition, you’re still going to be responsible for the majority of repairs. If the tenants trash your place and neglect to tell you before their contract is up, you’re going to have to pay for all the damages. While you can perhaps claim some compensation, you’ll still be left with a home that needs repairs before it’s worth of being rented out again.

However, if you do manage to find tenants that are polite and friendly, you won’t experience any issues with a damaged home or delayed rent payments. For a week or two of work, you can safely secure passive income for the length of the contract. You might need to phone repairmen and fix things like leaky pipes and electricity issues, but it’s a small amount of work for the money you get.

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Keep It

You never know when a second home might come in handy. Perhaps you can convert it into a holiday home, maybe you can use it as a private getaway, or you could even maintain it for family members to stay in when they’re travelling around the country or city. You could even renovate the home for your children when they grow up or move into it as your retirement home.

There are, of course, fees and bills when it comes to maintaining a home. However, if no one’s using the electricity, water and gas, then your bills will be extremely low. You’ll need to pay monthly for certain things like the phone, but you can switch the phone plan to the cheapest option to save on costs.


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