Mortgage Free Then Travel World

2 Posts
I am soon going to put down a mortgage to a cheap studio apartment. I am going to pay off the mortgage as quickly as possible.
My question is:
After paying off the mortgage could I rent out the property which would be my income to travel the world. I would travel the world from communes to volunteer projects and then leave when I would be ready to move on, never having to worry about a steady stream of income coming in.
Is there a flaw in this plan that I don't know about? Apologies if I'm being naive.
Thanks
My question is:
After paying off the mortgage could I rent out the property which would be my income to travel the world. I would travel the world from communes to volunteer projects and then leave when I would be ready to move on, never having to worry about a steady stream of income coming in.
Is there a flaw in this plan that I don't know about? Apologies if I'm being naive.
Thanks
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Do you have any idea how much that would cost? I've heard it can be quite costly.
Baby Step 2 - Pay off all debts except the Mortgage - £9,326 to go
Baby Step 3 - Save 6 months of expenses into full Emergency Fund - £4,300 to go
Baby Step 4 - Put 15% into Pension
Baby Step 6 - Pay off the Mortgage early
Baby Step 7 - Live like no-one else
Once you've paid off the mortgage you would have to pay an agent 10-12%+vat to manage the property and standard tax on the income minus expenses. So you should get about 80% of the rent each month. Also you would need an emergency fund for boiler repairs etc.
Oct 2022 £143,277.74
Reduction £166,722.26
OriginalEnd Sept 2034 / Current official end Apr 2032 (but I have a cunning plan...)
2022 MFW #78 £10200/£12000
MFiT-6 #28 £21,772 /£75000