Property is almost always a good investment. Unlike cars or other big purchases, property increases in value year on year and it’s always something that’s in demand. And there’s more than one way to earn money, or even earn a living with houses. Here are some options for making money with property.
Buying and Selling
The most obvious way to make money from property is by buying cheap, renovating and selling for a profit. This can be incredibly lucrative, especially if you’re able to snag a really cheap deal through an auction you could make huge money once it’s up to scratch and sold on. But there are some snags when it comes to doing this. First you need money up front to be able to buy and renovate the home, and there are plenty of things that could affect your profits too. If you’re not aware of things like ceiling prices or certain areas, you could land yourself with a property that’s stuck on the market for a long time. Worse still, you might not break even on what you’ve put in and make a loss. Make sure you have the right people on board, a great workforce who are trustworthy and hardworking to tackle renovations. A property solicitor to tackle the legal side of things and a project manager to keep everything under control.
Renting Out Properties
Instead of selling properties for a profit, why not invest in some buy to let properties instead? Once you have a few of them finished they will continue to earn you money each month and if you can get hassle free, long term tenants in then even better. Many areas across the country have a shortage of rental homes so you should never be left without a tenant, and in most cases you will even be able to pick and choose what kind of tenants you want to take on. If you have a number of properties that you rent out, it can be beneficial to hire an estate agent to deal with them for you. You’ll pay a fee for this, but it means that you don’t need to deal with tenants directly. The agent is responsible for chasing up rent each month, conducting viewings and dealing with any issues which could be time consuming.
Renting a Room in Your Property
Even if you’re not a big business tycoon with loads of money or properties, there are still ways you can make money. If you just have a mortgage or own the home you live in, why not rent out a room? It’s someone that can contribute towards rent and bills, and will essentially be helping you pay off your mortgage. Alternatively, in some cases it might be better for you to rent out your property and you live somewhere else that’s cheaper. If you’re able to live cheaply with parents for example or find a flat with cheap rent, you could have a tenant for a few years to pay down your mortgage and then eventually you move in.