Receiving a rental income of £300 a month can be a fantastic boost to any individual, especially as we know just how difficult life in London can be, so here for your reading pleasure is some of the top things our clients spend their money on.
Let’s be honest we all need a holiday. Living in London can be extremely tiring, draining and this winter was just really very cold.
Getting some sun on your bones and some Vitamin D in your body can be extremely beneficial and sometimes we all really do just need a break. However, holidays can be expensive, particularly if you are travelling during peak times (such as school holidays), or have to book last minute due to work commitments. Thankfully, for many of our clients, this is far less of a problem as they are able to have increased discretionary income and sail away to lands significantly more beautiful than London.
We still remember the days when University was free. However, over the years, University becomes more and more of a burden to parents with multiple children. Whilst the government offers student and maintenance loans, this is unlikely to cover all living expenses, especially if your child lives away from home. We have a number of clients who use their additional income to support their children as they work towards building a better future.
As homeowners ourselves, we know the challenges faced by mounting household bills. Not only that, but mobile phones are becoming ever more expensive and some of our clients have four of five bills to foot at the end of the month. Compounded by petrol, utilities, food and a whole smorgasbord of other bills; having a helping hand at the end of every month can be incredibly useful.
With the London property as challenging as it is, often the more economically sound option is to stay in a home and invest in remodelling or refurbishing. Giving you more space and updating old fixtures, it can be an incredibly savvy decision and one which a number of our clients decide to do. However, building work is expensive and can drag on for far longer than anticipated. Having a secondary income can help make your life easier and far more stress fee.
Handing in your notice
Unfortunately, there are far too many people who are simply unhappy in their jobs. Due to difficult bosses, (we’ve all been there), or arduous commutes, there are plenty of London workers dreaming of starting their own businesses. However, as most of us have significant financial obligations, this can prove easier said than done. However, a rental income can make this process much easier; allowing you to hand in your notice and still have a financial security net.