Because property generally increases in value each year, it means that bricks and mortar are almost always a good investment. So if you want to put your money to the best use, this is one way to go about it. Let’s face it: people will always need places to live, plus in most places have a shortage of private properties to rent meaning if you need tenants they’re easy to find. But there’s more way you can earn money from property, and depending on your budget and the size of the project you’re after here are some of the ways you can go about it.
Buying and Selling
When you think about making money with property, chances are you think about flipping houses. Buying cheap, renovating and selling for a profit can be very lucrative if you know what you’re doing. To pull this off you will need access to a team of tradesmen as well as an understanding of the property market. This allows you to know what features suit which houses, what certain buyers will want and how much to invest to get the best profit margin. But if you have the cash to buy places up front and renovate them, it’s a good option.
Developing
Instead of buying properties and selling them on for a profit, how about going a step further and building them from scratch instead? This can actually work out cheaper, and means you avoid issues that old properties can throw up like pests, asbestos rot and other costly problems. When you’re building from scratch, you do have to think about things like connecting electrics, a flow meter for the water, internet cables and other things. But councils are often keen for developers to come and build properties on wasteland areas as it helps revive the area. So there could be help available, and they would certainly be on your side since it benefits them too.
Renting Out Property
Another option would be to rent out properties instead. This might not raise quick cash in the short term, but it a fantastic longer-term investment. It means you have money going into your account each month, and if you hire an agency to run them for you, there will be no extra work by you. Even if you’re on a smaller budget, you could take out a buy to let mortgage, and your tenant would pay this off every month when they pay their rent. You wouldn’t have access to cash each month that way, but you would be essentially having a house purchased for you! After the mortgage is paid, you could continue renting it out and gain money each month, or sell it off for an enormous profit. Alternatively, it could be a house for your child to live in when they grow up and be an investment for them.
Have you ever considered making your fortune in bricks and mortar? If you were going to do so, which of these routes would appeal to you most?
Milo Senalle
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