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When it comes to our income and also thinking about future finances, there is one denying that property can be a common theme. Initially you focus on getting yourself on the property ladder. However, once you have gotten over that initial first time buyer hurdle, are there ways that you can make more money from property investments? Here are some of the options that you have.
Buying and renovating for a profit
One of the first things that you could consider would be buying a property to renovate with that in your mind. It can be a great way to increase your funds for your next home. Many people do this alongside their current home, buying something that is rundown like an apartment or a small house. This may be something that needs cosmetic updating or perhaps even rebuilding in certain areas. Once you complete the work and modernise it, you can then sell it at a higher price recuperating the costs invested and giving you a profit.
Investing in the rental market
Another suggestion would be to buy a property to rent out. There is a shortage of properties as people are struggling to save for house deposits and to make that first step onto the property ladder, so this can be a great way to get their own place. For you as an investment, you get the property and the potential increase in value, but you also get the rental income monthly. You could even look into a letting agency specialising in guaranteed rent to help you feel more secure with the income and the profits that you can make. This can be a great long term investment and could also be combined with a renovation property. Once completed instead of selling you can then keep for a while and rent out.
Moving up the ladder yourself
A popular way to make money with property is to just focus on your own instead of investing elsewhere. You could buy a property yourself that needs renovating, living in it while you complete the work, and then selling once completed. You could then perhaps afford a bigger property next time round to do it all again, until you get to the stage where you are happy and content.
Investing in a holiday home for yourself and for income
Finally, the last property investment that you could consider would be to invest in a holiday home. This is great for a number of reasons. You can save when it comes to future holidays as you will have a home from home to go to. You can make money in the long term as you have the benefit of a rising property value over time. Last of all, you can consider making an income from renting the holiday home out to other holidaymakers when you are not using it yourself. There are a few different avenues to explore, and it could work out quite well for you.
Let’s hope you feel more aware of some of the ways that you can make money from properties.