Making Money With Bricks and Mortar

If you’re looking to invest money or start a business, property is well worth considering. Property generally appreciates in value each year, and it’s always something that’s in high demand- people always need homes. There are a number of ways you can go about doing so if you have the money to buy property up front. Here’s how you can go about it. 

Flip Houses

When you think of making money in property, the first thing that probably comes to mind is buying cheap, renovating and selling for a profit. And if you have access to a great team of tradesmen, it’s certainly a great way to turn a cash amount into a much larger one. It’s important to know what you’re doing, be aware of things like ceiling prices. If there’s a ceiling price in the area it means that you will only ever sell the property for a maximum amount, despite how much work you do to it. You will need to understand peaks and troughs in the property market, and also how to create homes that people want. For example, starter homes would be scaled back and less expensive, close to schools and parks. More luxurious homes would sell for more with higher end fixtures and features. 

Develop Properties

If buying run down properties, doing them up and selling for a profit doesn’t appeal, why not go a step further? Developing properties and building them from scratch can actually be a lot easier. When you renovate an old house, you have things like rot, pests, bad wiring, asbestos and other issues can all be expensive to put right. When you’re building from scratch you don’t have any of these problems and can get it right from the get go. Local councils are often keep for developers to build on patches of unused wasteland as it helps to regenerate the area and provides more places for people to live. You could download some digital maps from promap and work out where the best locations would be, or you could enquire with the local authorities and estate agents in the area.

Become a Landlord

Instead of buying or building properties to sell, why not rent them out? You will get your return over a longer time frame, but as it’s passive income there’s very little you need to do once the properties have been purchased. If you hire an estate agent to manage the properties for you, you don’t have to worry about dealing with tenants or tenancies, advertising or chasing things up. Instead the money just lands in your account each month, and you can get on with doing whatever else you want. This can be done around another business or even full time work. 

When it comes to making money in property, there’s more than one way to skin a cat. Depending on your budget, how quickly you want your return and how big of a project you want to take on, there are different ways to achieve your goal.