If you are currently the owner of a house or investment property, or planning to obtain a property very soon, you are on a successful path towards a comfortable retirement. While the housing market goes up and down and may even crash once during a decade or so, the value of housing generally goes up, not down. By holding on to a property, you are paying down a mortgage. Once the mortgage is paid off, you are only paying for the utilities, taxes, and other fees to upkeep the home.
By the time you pay off the mortgage, you might consider renting this property out or selling it, while considering buying a new home. The value of your property went up in the 10-30 years that it took you to pay the mortgage. If you choose to rent, you can charge a reasonable fee, depending on the number of beds and baths. There are services that do background checks and become the Landlord service and take care of everything for you while taking a small fee. If you choose to sell the home, you will likely sell it for double what you paid for it, thus profiting and making your money. The only issue with selling and buying another home is, like your property, all other homes also went up in value.
Fortunately, by the time you get to this point, your children may be grown up and you may be looking to downsize your home, thus you will actually profit and have more to spend on your retirement because the smaller home will be cheaper than the larger home you sold. Combined with a social security check and the proceeds of your home, you may be enjoying a comfortable retirement.
No matter what you choose to do, buying a home while you are young and making money is one of the best investments you can make. Of course, you will always want to consider the home potential, the location, the school system, the taxes, and even the neighbors. You cannot go wrong when it comes to holding on to property, renting it out, or selling it, and using the proceeds for future endeavors.