Property and real estate is fast becoming a business opportunity that anyone can get involved in. Many of us would associate home ownership with the home we live in, and that itself is one worthwhile investment that could massively pay off in the future. No longer do you need tools in your hands to make profit, it actually takes a business brain and organisation to make the most of this potential money maker. So could you be making an income for the future from property? Perhaps it is a question you have been asking for a while. More and more people are opening up their eyes to the possibility that this could be a potential way that they find their future. But while so many of us just focus on the one property we have to live in, I wanted to explore some of the other ways property investment could help fund your future. Be that for short term goals or your retirement fund. If it is something you want to consider then I thought then here are some of the ways you could take advantage of it.
Renting property
Buying property can seem quite daunting, but actually it is the process of what to do after that is the daunting part. Initially many people consider buying a property to live in, as we discussed earlier. It happens to be one of the biggest purchases you can make in your life time, and so it is a consideration that you don’t take lightly. However, more people are considering second properties and beyond to form part of a portfolio in terms of investment. This is when you need to decide on what you do with those second and third and so one properties. Most people like the idea of the rental market. The great thing about renting is not only do you get the long term profit and investment, but you also manage to get the income return each month as well. The rental market is in demand right now, many are struggling to get onto the housing ladder, but require a home to live in, and renting can be the gap they need to go from living independently to home ownership in the future for themselves. Renting out properties may seem daunting, but you can now use letting managers within established estate agents to do all the hard work for you. You just happen to be the person with the great investments and the business brain.
Buying property abroad and renting it out
If you think it is daunting to buy one or more houses in the UK then buying abroad could just be a step too far. But this is one of the best ways to make an investment such as property work in your favour. Property in different countries can massively vary in price, and so can the long term investment option in terms of profit and overall value in the future. For example, the property market in Malaysia is doing very well at the moment, just as much as some of the European countries a little closer to home. There are two main benefits of buying abroad. You have the option to have a holiday home where you can spend plenty of time and your breaks away, letting the investment work its magic for the future when you may decide to sell, or you could look at the holiday rental market. Things are booming for that and the cost you can get for a week or more in short term lets can be considerably higher than long term let pricing. It is definitely worth considering.
Renovating property to sell for a profit
Maybe you like the idea of a quicker turnaround when it comes to larger profits, and this option appeals to most. Finding a property that requires renovating and improving and then going on to selling it to make some quick money. Of course, you don’t always need to be handy with the hammer and there are building firms that can take care of all the dirty work, but getting involved or project managing the operation will help you stick to a timeline and your end goal. Plus doing the work yourself and taking ownership of the project can also help you in terms of the money spent, leaving your budget completely in your control. This can vary in terms of the size of project you take on, cosmetic changes can give you the quick turnaround you would like, but investing for a few months or more to take on extensions could give you the bigger profits in the end.
Upgrading the interior
Maybe you just need to look at adding some interior design features to some of the spaces in the property and then renting out on a short term lease. This is an excellent way to make the most of a rental income, without the need for long term contracts. Holiday lets and websites where you can advertise your property allow you to take bookings for weekends up to a few weeks. Focusing on the interior design and look of the property will attract more potential holidaymakers to your abode, and having the right type of home in the right sort of area is the way forward. There are so many beautiful spots in the UK, that you may be more inclined to consider holiday lets at home that would allow you greater control and potentially making more in the long run.
Changing the use of a property
Finally, maybe there is a house that would make the ideal business premises, or an old shop that is screaming out to be residential once more. This is when buying those properties and changing the use of them could mean big money for you. Once all the paperwork is completed you can get to work. It is specially lucrative if you are able to turn one property into two dwellings. For example a shop that could be turned into two flats making the most of the layout downstairs and up.
