Make Money With Bricks and Mortar: Three Options To Consider
If you’re looking for a smart way to invest your money, then property is a good choice. Bricks and mortar not only holds its value but it increases year on year. Unlike things like vehicles, boats and other large items that will depreciate, property will help you to hold onto and increase your wealth. Whether you just have the one property or are planning on becoming a tycoon, here are a few ways you can make money with bricks and mortar.
Buying and Sell For a Profit
When you think of making money with property, the first thing that probably springs to mind is buying and selling. This is a fantastic way to make a lot of money in a short space of time, especially if you can find the right property. Auctions usually have very run down houses which sell cheaply, that way you can fix them up. A new kitchen and bathroom and new wiring and electrics will likely be needed. Then new windows and a repaired or replaced roof by a company like www.clayton-restoration.com/services/roofing/residential-roofing/. In some cases, you might need new rendering around the property, and a driveway or the gardens landscaping depending on the project. From there, it’s a cosmetic makeover inside. If you have a great team of tradespeople who you know are reliable and trustworthy you can get some properties transformed and on the market within a matter of weeks. The main issue with doing this is that you need the cash to buy the properties up front so for this method you need to have money, to begin with, to start making money.
Renting Out Properties
Another useful way to make money with property is by renting them out. Since you can take out a buy to let mortgage, this is useful if you don’t have the money to buy a property upfront. You can essentially get tenants in your property who will pay off your mortgage for you, you will make some extra money each month too and by the end will have your house completely paid off for you. You can find about more about this from sites like http://www.investopedia.com/articles/06/rentalrealestate.asp. From there you can either sell or continue renting to make a profit. If you have a few properties that you rent out, it can be beneficial to hire an agent to deal with them for you. There will be a fee each month, but it can save you some serious time, and hassle since you won’t need to deal with tenants directly,the agent will conduct viewings, checks and chase up rent each month.
Renting a Room in Your Property
Even if you don’t have tonnes of properties or money and just own your own home, you can still make some extra money. Taking on a lodger gives you extra money each month, and since people pay a lot to rent rooms, you might nearly cover your entire mortgage payment with it. If you didn’t want to be a live in landlord, you could rent out your own home and then rent somewhere cheap yourself. Even if this is only for a few years, it’s extra money and could help pay off your mortgage.