Why Do You Want To Own Investment Property?
Have you ever sat down and given serious thought as to why you want to own investment property?
Most will say “I want to be rich” or give some version of that statement.
But the reality is when you are thinking about building a property investment portfolio you are going to be going through several stages of your life while building it.
Let’s look at the different scenarios:
Age 40
What I am getting at here is that you may start buying investment properties at age 40. At this time in your life you could have children at school or even be starting a young family.
Age 50
You may have children going to university or you may have children leaving home and allowing you some more free time.
Age 60
You are probably, even hopefully, free of responsibilities and want to really kick back and enjoy the fruits of your years of hard work.
You can see how at different age brackets you will be experiencing different needs from your income.
Back to the question of “Have you ever sat down and given serious thought as to why you want to own investment property?”
Why this question has been asked is to make you think about the different stages of growing your portfolio. There may be times when you need:
- Positive gearing
- The best tax benefits
- Tax relief
- Fast growth
- To pay down your mortgage
- Income to live on
Giving consideration to all these aspects should be part of your Business Plan building.
Filed Under: Investment Strategies • Property Investment
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