One of the savviest ways to invest your money is in property. There are plenty of property millionaires out there, and it’s one the best ways to increase your income. It’s also one of the safest investments you can make. The property market does dip and dive, like any market, but over time it always mends itself. That general upward curve is very enticing to investors, and it will help you turn a profit.
Today, we’re going to show you the best way to make money from your property using a variety of techniques. We’ll start with the risk-free options, and move on to some more lucrative techniques. There’s no doubt that property and real estate is a fine addition to your investment portfolio. It’s just a case of making the right decisions at the right time. Let’s take a look, shall we?
Play the long game – If you’re looking for a safe and secure way of making money, play the long game. As we hinted before, the property market follows a general upward curve. We have recently emerged from a sticky property downturn, but everything looks promising once again. Despite the small dip, the long-term prospects are good. It’s a buyer’s market out there. If you hold onto your property for ten-twenty years, it will rise in value with inflation. It’s a safe way to plan for the future.
Refurbish and resell - Of course, not all of us are so patient. I can sense plenty of you wondering about the quick options! Many of us aren’t ready to commit to a twenty year house purchase. In that case, your best opportunity is refurbishing and flipping for a profit. It takes a skilled eye, and a keen understanding of the market. But if you get it right, it’s incredibly lucrative. Even simple renovations like painting, carpets, and curb appeal will add thousands to the price. The trick is buying as low as possible, then pushing for a high profit.
Extensions and upgrades – Painting and decorating are just the first steps, however. If you want to turn a serious profit, you’re going to have to add a lot more value. That means adding an extension or tackling kitchen and bathroom upgrades. These are the things that add real value to a property. In fact, some real estate agents estimate that an extension will add between 11% and 15% of value. If you keep your figures in check, it’s a great way to make a quick profit.
Commercial properties – It’s all very well talking about residential profit. But, if you’re looking to make big bucks in the property market, you need to look to the commercial sector. Large office buildings, and rental opportunities are your best option. Start your property development empire by speaking to a commercial property brokers.
Location, location, location – We’ll end on the most important aspect of all. No matter what route you take, the location still reigns supreme. Location is the single biggest factor when it comes to property value. Real estate prices fluctuate wildly depending on the city, the transport links, and the amenities in place. Always look to the future when considering property. What will that particular area be like in ten year’s time?
Making money from property is easy, but only if you follow these simple rules! Have you got any wise words of advice? Please do let us know in the comment section.