When considering buying an investment property, the intention is often investing in the future. This week’s post is contributed by our very own Jess Ruskin and her personal conversation that followed on from the question of “when should one cash in on their investment to fund their future?”
A good friend, mentor and professional consultant of Jess’s recently reminded her that the capital you can pull out from a sale is not the only benefit when it comes to selling a property. Ongoing fees, such as Body Corporate fees, rates and land tax should be considered when you are considering selling or holding on to the property.
Jess reflects upon it and says “Don’t feel selfish for considering the amount you save on the above and how that could be used on something like an annual family holiday. In our case that would be over $7,000 p.a.”
This money can be used for other ventures and improvements, such as:
- To give you more time off work to spend with your kids
- Renovate your home, landscape your garden or install a pool
- Fund professional development
- Launch the small business you have been dreaming of
- Improve your health and wellness
“Even if the property has not increased in value by as much as you had hoped in the time you have owned it, the joy that may come from freeing up related yearly expenses might just help you to invest in your future! “ explains Jess.
It is important to seek professional advice from someone who understands your goals and values and the best way to achieve this.
When you do decide to sell, our team of experts are here to help you with your next journey and make the transition as seamless as possible.