Photo by Lina Kivaka from Pexels
Are looking to make some money from property investments? If so, you need to make sure you start off on the right foot. Follow our guide to get started.
Always Be Patient
Always bear in mind that property investments are never short-term things. Therefore, make sure you buy correctly. You don’t want to end up in a position where you immediately have to sell what you have just bought. To be on the safe side, always speak with a local letting agent before buying anything.
Take Advantage of Local Knowledge
It is going to be far easier to spot a bargain in your local area. For example, you could turn to Peccole. Peccole Ranch homes for sale will show you all the homes in your local area. In this way, you will narrow your search for property investments further.
RELATED ARTICLE: 5 SKILLS AND TRAITS YOU’LL NEED TO BUILD A REAL ESTATE BUSINESS
Additionally, if you purchase a property near where you live, you will have access to crucial information regarding transport links and schools. Finally, it is easier to keep in touch with tenants who are local to you than those who are farther away.
Consider Flats over Houses
Money that has been invested into flats tends to produce a good return. On the whole, flats can be better for buy-to-let investments than single-family residences.
On the other hand, it is better to have a diverse portfolio of properties than to stick to the same kinds of properties. To put it bluntly, in difficult economic times, a mixed bunch of properties is more likely to retain value.
Consider How You Could Add Value
An easy way to make money from property investments is to consider how you can add value to each property. Even if a property does not seem ideal, think outside the box and consider its potential.
For example, a small property above a local shop might not seem ideal. However, consider the fact that you could extend its loft space to create an attractive rental property.
Make Money from Your Home
Perhaps you have decided to sell your home in order to raise the capital for your new property investments. If that’s the case, then think about making some improvements to your home so as to add value to it.
For example, an extension or loft conversion can add significantly to your property’s value.
Be Tax Savvy
Naturally, you’ll want to try and keep your tax bill at a minimum. Therefore, take advantage of all tax perks. For example, if you are married, divide all income from your investment properties between you and your spouse.
Begin Your Property Investments at Home
If you have decided to get into property investments as you approach retirement, then begin at home. For example, if you have a home that is too big for you, consider dividing it into flats.
You could continue living in one of the flats and rent out the other. This idea makes perfect sense for many people. That’s because it is a way of releasing some equity from your most valued and expensive asset.