Myself and my partner recently got married. But we already have a house together. So now we will look to see we can use property investments to enhance our lives. Here, I explain how that could look and the pros and cons associated with each option.
Our main home
We currently live in a large Victorian house with three large double bedrooms, a front room, a sizeable living room. We recently turned the front room into an office, so that we could work comfortably from home. But this hasn’t impacted our quality of living at all, as we already have a spacious living room.
Overall, we are very happy in our home and we have plenty of space for our growing family. Of course, our main home doesn’t have to be our only property investment.
Other property options
Myself and my husband are both within our mid thirties and we want to ensure we have comfortable lives. We want to ensure that money isn’t a worry and that we can afford to do nice things. To do that, it’s paramount that we invest in our future.
For me personally, it’s also important that my personal finances aren’t hindered by the gender retirement gap. To avoid this, any time out of work that I spend on maternity leave, or looking after our children, has to be factored into our plans.
Investing in a rental
We have recently discussed buying a second property, close to where we live. The advantage of doing this would be that we’d be close by and would be able to oversee any issues. We could also rent the house out, to provide an additional revenue stream.
I recently put our income and expenditure into an affordability calculator, to work out exactly what we could afford. Knowing what we have to invest has helped us to narrow down the area we’d like to buy in and the type of property we could afford to invest in.
Don’t forget though, if you buy a house that needs work, you will also have to factor in the money you need to make any renovations.
A home in the sun
Another option for buying a second home would be to buy one to holiday in. We could buy a property in Europe, or opt for something closer to home.
Buying in the UK seems to have become popular of late. According to Right Move, homes for sale in coastal locations across Great Britain have been selling twenty days quicker than in 2019, dropping from an average of 71 to 51 days. House prices on the coast have also gone up by 7%.
Having a holiday home would be lovely, but the logistics of running the property may be trickier. We wouldn’t be able to use it all the time ourselves and if we decided to rent it out, we’d probably need to employ people to assist us with that.
Other types of investment
Of course, property isn’t the only option when it comes to investments. Savings and pensions can also play a part. However, buying a second, or even a third property, is definitely something that’s on our agenda.
Note: this is a paid collaboration.