When it comes to investing in a property, a lot of people have some pretty fixed ideas of what they want to put their money into. They imagine a decent sized modern house that they can rent out to both individuals and families. There are some good reasons why many investors choose to take this safe and fairly traditional approach. It’s because these kinds of properties are known to be a sound investment with fairly reliable returns. However, they are far from the only options out there for the savvy real estate investor. Sometimes it’s worth your while to put your money into something a little more unique or unusual. For anyone who’s thinking about putting their money into something just a bit different, here are some reasons why a more unusual property might be a perfect choice.
Real estate may be one of the most reliable forms of investment out there, but it’s definitely not the cheapest. The vast majority of investment properties are likely to cost you amounts ranging in the hundreds of thousands. If you want something cheaper, then you’re probably looking at a property that has something wrong with it. However, if you adjust the way that you’re looking at things and think more broadly about the kinds of properties that you can invest in, then you may well find something a lot cheaper. Things like manufactured homes and houseboats might not be the first things that spring to your mind, but they often allow you to save a lot of money on your initial payment. Properties of this kind often cost figures closer to the tens of thousands, making them the perfect investment for someone with a little less capital to throw around.
To say that the property market is currently pretty saturated would undoubtedly be something of an understatement! There are hundreds, probably thousands of properties on the market at any given time which means that getting the attention of prospective tenants can be something of a challenge. Of course, if you have something a little different to offer then you’re going to have a much better chance to get tenants’ attention. Semi-detached properties are a dime a dozen, but a houseboat or a converted windmill is something that most people aren’t going to see every day.
Not only does the sheer level of properties on the market make it hard to get noticed, but it makes things incredibly competitive. This means that many landlords have to adjust their rental rates to stay ahead of their competition. Because there are far fewer unusual properties on the market, you don’t have to compete with nearly as many other people to find tenants for them. Weird and wonderful properties might be a little more difficult for you to find but they occupy a much more interesting and specific space than the thousands of standard homes on the market. You’ll have a lot more freedom to build the rates of rent around the kind of experience that someone might want from an unusual property. They might be paying for space, for some character, or any number of things, and your property may well be the only one on the market that ticks all of those boxes.