Reply to: Mortgage paid off... now what?

[lukemg]

My house is enough investment in property. The rest is going in individual shares, funds spread across the globe and low-cost index trackers.
I buy when additional resources allow using ISA's and a SIPP and hold my nerve during the downturns (I should keep buying but don't always manage to).
So far, so good (around a 9% average annual rise across the lot over 13 years, steady if a little unspectacular)
BTL - train missed and heard too many nightmare stories about tenants etc. I don't need the hassle...

[ChimpMaster]

But things can go wrong with property, it can eat into your time and money. Not guaranteed, then nothing is.

Things can go wrong with any investments! Shares can collapse, become worthless, or stop paying out dividends. Money in the bank is no longer seen to be as safe as we all thought years ago. Private collections of gold has been plundered by governments in the past.

Personally I think property is one of the more stable investments. But it certainly shouldn't be your only one.

[MarillionFan]

I like how it lists it as 20 bedrooms. It hasn't got any bedrooms! Or doors, or floors or ceiling or roof for that matter.

Right. I'm going to put an add on Zopa.

Dear Zopa investors

I would like to borrow £1.5 Million and a further £3.5 million to buy and subsequently renovate my own castle.

I have always dreamed of owning a castle since I was a little boy. I used to play Dungeons and Dragons with my friends and had a level 10 Elf Thief(not that I am of course).

I would like to renovate the castle and make sure the dungeons underneath have many fiendish traps & horrible monsters.

With your money I plan to make a centaur as well as a minotaur by digging up dead bodies from the local graveyard and sewing on half a horse and bull from the local farm. In addition, flame pits don't come cheap what with the increase in gas prices.

I have a very good credit rating and work in IT. I will of course have to give that up to become the Dark Lord of Newport but I am fairly certain that I can pay you back over time by sending out my evil army to plunder the local Welsh villages and by collecting gold from dead adventurers.

I have an A*60 rating.

Yours

The New Dark Lord of Newport(make it come true)

[Churchill]

I like how it lists it as 20 bedrooms. It hasn't got any bedrooms! Or doors, or floors or ceiling or roof for that matter.

Don't forget the outbuildings. All of which can be built on.

I reckon my old boss Sir Terry will end up buying it.

[DimPrawn]

£1.5 million to buy. £3.5 million to renovate. Then worth ~£10 million.

An ideal project and I'd jump at the chance if I had the money.

I like how it lists it as 20 bedrooms. It hasn't got any bedrooms! Or doors, or floors or ceiling or roof for that matter.

[Churchill]

Talking of property for sale.

This looks fantastic from a distance.

20 bedroom house for sale in Ruperra Castle, Lower Machen, Newport, NP10

Like at least a mile away.

£1.5 million to buy. £3.5 million to renovate. Then worth ~£10 million.

An ideal project and I'd jump at the chance if I had the money.

[DimPrawn]

Talking of property for sale.

This looks fantastic from a distance.

20 bedroom house for sale in Ruperra Castle, Lower Machen, Newport, NP10

Like at least a mile away.

[Churchill]

But things can go wrong with property, it can eat into your time and money. Not guaranteed, then nothing is.

Death and taxes. Plan B, buy a funeral directors and marry an accountant.

[alreadypacked]

it seems,

anybody with the good fortune to become mortgageless,

then needs to:

. resist the temptation to go for a new mortgage and larger property - just because you've paid off the mortgage does not mean you must now get a bigger house - don't listen to Mrs if she is that way inclined

. start aquiring other properties and build an assets portfolio

. the asset portfolio will lead one on the path to cahflow positive income from investments from the rents and keeping up with inflation based upon the capital appreciation

Milan.

But things can go wrong with property, it can eat into your time and money. Not guaranteed, then nothing is.

[milanbenes]

it seems,

anybody with the good fortune to become mortgageless,

then needs to:

. resist the temptation to go for a new mortgage and larger property - just because you've paid off the mortgage does not mean you must now get a bigger house - don't listen to Mrs if she is that way inclined

. start aquiring other properties and build an assets portfolio

. the asset portfolio will lead one on the path to cahflow positive income from investments from the rents and keeping up with inflation based upon the capital appreciation


Milan.

[FiveTimes]

the number of people on this forum who have paid off their mortgages

We are about 18 months from being 100% offset. Then we can build up another pot of cash

[alreadypacked]

LOL thanks RC. It's not quite as straightforward as that because I've had help from my parents... like an early inheritance (we wanted to beat the 7 year rule), but I certainly did my part too and it feels good not to be lumbered with any debt (except on 1 BTL).

Nice to see that we've had some varied and interesting opinions posted here. I'm still waiting for AlreadyPacked to provide me with some solid ideas apart from BTLs!

I am still looking myself, currently looking a shares, but not spent any money yet. (accept holidays )

I liked a quote from the book, it went something like "Only buy shares in a company that is so simple an idiot could run it. Because one day, one will"

Maybe we should start a share tip thread

[DS23]

Poor ChimpMaster. So many replies and nobody got the point of the post.

whs


we paid off our mortgage in december
25 year - took 8

hoping the wife resists the temptation to start again

she won't

[milanbenes]

interesting thing about this thread is

the number of people on this forum who have paid off their mortgages

anyone care to count them ?

good show chaps

Milan.

[ChimpMaster]

Poor ChimpMaster. So many replies and nobody got the point of the post.

Well done!

So, was it a 25 year mortgage, and how many years did you do it in?

LOL thanks RC. It's not quite as straightforward as that because I've had help from my parents... like an early inheritance (we wanted to beat the 7 year rule), but I certainly did my part too and it feels good not to be lumbered with any debt (except on 1 BTL).

Nice to see that we've had some varied and interesting opinions posted here. I'm still waiting for AlreadyPacked to provide me with some solid ideas apart from BTLs!