I don’t many parents that don’t want to earn a little extra money. Even better if it is something that you can do around your existing commitments and family. Not having to pay for the costs of childcare can be a substantial blessing. Which is why we are seeing more and more parents working for themselves and being their own boss. But if you’re reluctant to start a multi-level marketing program and don’t just want to be making and selling things from your own home, what options are there?
For one thing, those kinds of businesses are just a lifestyle business. They can help get you extra money each month. But unless you are the inventor of the next Facebook, then they aren’t going to be investments that are going to take your life to the next level. However, with something like property, you could quite easily become a property millionaire! Not to mention the extra assets that you would have, it can be a way to work for yourself but actually be making quite a substantial amount of money. So if this sounds like something that you could sink your teeth into, then read on. Here are all of the ways you can invest in property, plus some tips and tricks for doing so.
Choose Apartments Over Houses
It is generally going to be a better investment to go for apartments, rather than houses. There will always be people looking for cheaper and smaller apartments to live in. So if you want to always have a stream, of tenants to come into your home, then they are generally a much better buy-to-let investment than houses. Most people will move on from renting an apartment to then going to a house of their own. So less people look to rent larger homes. Choose good locations, especially for places where people commute to or from. It will always be a popular choice then.
Learn To Be Patient
In order to make money from property investing, then you need to be in it for the long-haul. It can take a while to see massive returns on your investment, though you can see small increments each month. So look at the prices of property very carefully. Take into account the asking price of the property, as well as the property valuation fees and taxes that will be added on. You don’t want to have miscalculated, then rush in to do something that ends up not being a good investment. You want to avoid getting yourself into a position where you’re forced to sell. So take your time and be patient.
Choose a Variety of Properties and Locations
If you decide to buy several beach front apartments in a city, then you’re having to rely on tourists or people that want to live in that area. Equally, buying abroad brings with it some risks. So it is a good idea not to put all of your eggs in one basket, so to speak. Choose a variety of locations to invest in to ensure a safer future for your investment portfolio. Sticking closer to home to start with is always a good idea as you know the area. Though if you know the area isn’t a good one, then look further afield is going to be a better choice.
With any property, whether it is one that you will be living in or for investment, looking for ways to add value is key. If you can do something to the property that will mean people will pay more for it, then go for it. It does take some consideration into the type of upgrade that you’ll be going for, though. You need to calculate quite specifically the cost of the changes. If you won’t get the cost of the changes back, then it isn’t going to be worth doing. In most cases, however, there will be a big benefit to making changes to a property, especially if it is an extension or renovation. So always have an eye out for what you could change. Don’t take all properties at face value necessarily.
If you have a large property at the moment, that is taking over quite a bit; then you could look to renovate your own home first. It could be converted into a few apartments with a little planning and know-how. You get to live in one of them and then can manage the properties from down the corridor. For a beginner to property investment, then this could be a really good way of doing things if you’re in a position to do so. You’ll have the added benefit of local area knowledge, such as schools and transport. Could this option work for you in the first instance?
On a similar train of thought, you might want to make some improvements to your home in the first instance. It will get you more acquainted with the ins and outs of renovation, as well as helping you to sell-up your home if you are looking for a way to raise capital to start off this venture. So something like an attic conversion or a bedroom extension could be good practice that generates some money.
Find Partners You Can Trust
In many ways, you can’t do this kind of investment by yourself, especially if you have a family to take care of too. So from time to time, there will be people that you will contract in to do some work from you. It could be plumbers, architects or painters and decorators, for example. But in order to make sure a good job gets done, and it doesn’t cost more than it should, you should consult with professional partners that you trust to do a good job. Not only will it help to give you some peace of mind, but it will make the whole process run more smoothly and hopefully, save you some money too. So check reviews and keep tabs on the work that they are doing.
Look at Up and Coming Areas
When it comes to investing, it pays to have an ear close to the ground about what is going on in certain areas. There are many areas that are up and coming and could be a good place to invest in, even if it might not seem that way at the moment. Listen out for new retail spaces that might be opening up in certain areas, as well as renovation projects for parts of certain towns or cities. You don’t want to dismiss any areas that aren’t necessarily that good at the moment. So keep in touch with local news and check local council planning permissions to see what might be happening in certain places to make it an up and coming area.
Choose Young Professionals
A lot of people go into the student housing market as they know there will always be a demand for it. However, this can often lead to having to pay out for many repairs over time. Students don’t treat where they live particularly well, as a rule. So look out for properties that could take the fancy of young professionals. Look for commuter areas, as well as parts of cities that are up and coming. If you can get some good tenants in your property, then it makes all the difference to your bottom line and the success of the business.
Have you ever thought about investing in property before? Would love to hear what you think.