What financial benefits do I have once my property is paid off?

We answer these and many other questions in our video blog episodes.

Here is the transcript of episode 22 to read through:

When the property is paid off, you have monthly rental income, just like when the property is not paid off, except that nothing goes to the bank anymore, but goes entirely into your account. For example: If the basic rent is €750 and you have three or four properties, then three or four tenants are paying off the property for you. As soon as the tenants have paid off [the property], for example at 55 or when you are 60 years old, then seven years before the normal start of your pension, you will already have €750 in rental income every month from three or four flats, that is €3,000 in additional income.

And that could then give you the freedom to simply stop working a few years earlier and only do what you enjoy. That's also a dream of many people. And if you think about it, who manages to do only what brings them joy well before the normal retirement age? To sleep in for as long as they want rather than as soon as the alarm goes off, and to spend the whole day doing just hobbies.

Then you will find time and time again that it is people who are very, very wealthy, and almost always these are people who also have buy-to-let properties, passive income and property income. Because that is one of the greatest advantages: that you can just do whatever you want, so that you can stop working earlier. So, quite clearly: once the property is paid off, you have a monthly income and, as a rule, that income should also rise.

Keywords:
Buy-to-let properties, Retiring early, Paid-off property, Rent increase, Passive income, Rental income, Wealthy people