Many rush to buy their own home as soon as possible, but are there benefits to renting instead?
In this week's show, Simon talks you through the pros and cons of both, and discusses why you might want to change your thinking depending on the investment strategy you choose.
KEY TAKEAWAYS
Most view their home as an asset if they buy. This is certainly a long term view, but in the short term, remember that mortgage payments come out every month, and can be very expensive.
Owning a home is to have a liability, not an asset. An asset generates wealth, whereas a liability costs you money.
There will be more mortgages available to you if you own your own home, but if you don/'t there are still buy-to-let mortgage options out there.
A great strategy could be for you to become a tenant-buyer. This is where you move into a property as a tenant but you also have the right to buy that property at some point in the future through a purchase lease option.
BEST MOMENTS
'A liability is something that takes money out of your pocket, whereas an asset is something that puts money into your pocket'
'If you have no dependants living with you then it can be a very good strategy'
'You do have a foot on the ladder...'
'If you decide to sell, just remember that you do have a choice...'
VALUABLE RESOURCES
If you would like to learn more about how you can use Purchase Lease Options you can join Simon for some Live online training by registering at www.PLOTraining.com
Property Magic: How to Buy Property Using Other People's Time, Money and Experience by Simon Zutshi
To find your local pin meeting visit: www.PinMeeting.co.uk and use voucher code PODCAST to attend you first meeting as Simon's guest (instead of paying the normal £20).
iphone: http://bit.ly/pinAPP1
Android https://bit.ly/pinAPP2
Register at Mindset For Property at - www.mindsetforproperty.co.uk
ABOUT THE HOST
Simon Zutshi, experienced investor, successful entrepreneur and best-selling author, is widely recognised as one of the top wealth creation strategists in the UK. Having started to invest in property in 1995 and went on to become financially independent by the age of 32.
Passionate about sharing his experience, Simon founded the property investor’s network (pin) in 2003 www.pinmeeting.co.uk. pin has since grown to become the largest property networking organisation in the UK, with monthly meetings in 50 cities, designed specifically to provide a supportive, educational and inspirational environment for people like you to network with and learn from other successful investors.
Since 2003, Simon has taught thousands of entrepreneurs and business owners how to successfully invest in a tax-efficient way. How to create additional streams of income, give them more time to do the things they want to do and build their long-term wealth.
Simon’s book “Property Magic” which is now in its sixth edition, became an instant hit when first released in 2008 and remains an Amazon No 1 best-selling property book.
Simon launched his latest business, www.CrowdProperty.com, in 2014, which is an FCA Regulated peer to peer lending platform to facilitate loans between private individuals and property professionals.
CONTACT METHOD
Contact and follow Simon here:
Facebook: http://www.facebook.com/OfficialSimonZutshi
LinkedIn: https://www.linkedin.com/in/simonzutshi/
YouTube: https://www.youtube.com/SimonZutshiOfficial
Twitter: https://twitter.com/simonzutshi
Instagram: https://www.instagram.com/simonzutshi/
