As the old saying goes, there’s more than one way to skin a cat. And if you’re looking to make money in property, there’s certainly more than one way you can go about it. Bricks and mortar are an excellent choice when it comes to investing and increasing your money- since the value goes up year by year and property is always in demand. Here are just a few of the ways you can make money from property.
Buy and Sell
Buying run down homes cheaply, renovating them and selling them on for a profit is a good way to go when it comes to making money with property. It gives you the potential to earn a huge amount in short space of time, especially if you know the property market well (and what people are looking for) and have access to a good team of tradespeople you can really make your fortune here. If you’re new to flipping properties do your research, there are a number of pitfalls which can affect your profits.
Letting
Letting out properties is another smart way to make money with property. This is a good move as you can tenants in who will essentially be paying off your mortgage for you. Unlike buying properties to sell you don’t need the cash up front, although you will need a good credit score to secure a buy to let mortgage. If you’re in debt start by paying that down or speaking to a company like debtsettlement.co to see if anything can be done. From there you can rebuild your credit and start saving for the deposit. As well as just covering the mortgage, your tenant’s rent might give you a little extra cash each month too. But either way, later down the line you will have a fully paid for property which you can either sell or continue to rent. If you have lots of properties, hiring an estate agent to manage them all for you can make life easier.
Renting a Room in Your Own Home/ Your Property
One other idea for making money from your property is becoming a live in landlord. If you have a room or two spare, why not take on tenants/ lodgers who can help you to split the bills and rent. You’re likely to make money on top with this too. For example, if your mortgage payment is $800 a month and you rent out two rooms for $450 a month each you’ve already covered your rent without you even having to pay into it. This could allow you to save or give you more freedom with money. If you live near a university or college, you should have no trouble getting students in. Otherwise, if you go with working professionals they will be out at work for most of the day, but you still get a huge help with money.
Are you looking to make money with property? Which of these methods would work best for you?