When it comes to investing, property really is ‘as safe as houses.’ Your money is almost always well spent when it comes to bricks and mortar, and not only does it give you stability but can earn you a whole lot of cash too. Here are just a few of the ways you can go about it.
Flip Houses
Flipping houses involves buying a property, usually one that’s a little run down and past it’s best and doing it up to sell for a profit. One fantastic thing about this is you really can make a lot of money for it. However, there are some risks. First timers doing this often struggle to find the balance between how much they’re investing compared to how much they will get back. It’s easy to do up a property exactly like you would want it yourself rather than thinking of purely profit. But for the right kind of person with money to invest, it’s a quick way of earning a lot of money. Houses at auctions can be sold for as little as £40k, in many cases, you could double your money and sell for £80k a few months later. How else could you earn forty thousand pounds like that?!
Become a Property Landlord
Instead of buying houses to sell them on, why not rent them out instead? The great thing about being a property landlord is that you can be as involved as you want to be. If you want to be hands on you can manage your investment properties yourself, if not simply hire an estate agent to do the job. They will tackle all of the contact with the tenants and collect rent, you simply have a nice sum of money going into your account each month. The more properties you have, the more you will make.
Invest in a Holiday Home
While buying a home abroad can be trickier than in the country where you live, once it’s purchased and sorted it gives you the potential to earn a whole lot of money. Not only do you get to enjoy it and go away during the year but when it’s empty, you can rent it to tourists and earn cash. Find a spot that tourists like to stay in, whether it’s close to a beach, shopping centre or some other attraction.
Rent Out a Room
Even if you’re not a tycoon with loads of money and properties to your name, you can still make money just from your own home. If you have a spare room in your home, why not rent it out and make some extra money? Nice homes in most areas can easily charge £400 a month for a room with bills included, and since you’ll already be paying for the bills yourself, one extra person isn’t going to bump that up all that much. If your mortgage is only £600 a month, you’ve almost covered the cost just with a lodger alone. You could take one in short term, say six months to a year if you were struggling. Or keep them on long-term/ keep renting out the room if you’re looking to get ahead with money each month.
