Could Investing in Bricks and Mortar Mean Financial Freedom For You?

When it comes to property, it’s almost always a good investment. There might be rises and falls in the market at times, however, unlike cars or other big purchases, property increases in value year on year and is always something that’s in demand. Therefore if you’re looking to make money and increase your wealth, bricks and mortar are a good choice. If you plan on making money with houses, here are a few things to bear in mind.

Find The Best Properties

Whether you plan on renting or selling, you need to find the right properties to maximise your profits. If for example, you’re going to be renting them out, flats and apartments in busy towns and cities always do well. Young professionals who work in the city are always after a place to live with a short commute. If you’re looking to rent to students, then aim to find something that’s within walking distance of a college or university. Houses can be rented by the room which allows you to earn extra. If you’re looking to do luxurious makeovers and sell for a profit, make sure you’re buying real estate in an area that those purchasing luxury homes will actually want to live. It’s not as simple as finding a property that looks ok, it all depends on the type of project you’re going to be working on and the sort of tenants or buyers you’re hoping to appeal to.

Buying and Selling

One obvious way to make money from property is by buying and selling. Here you can buy cheap, renovate and sell for some impressive profits if you know what you’re doing. The main problem with this method is that it takes money to make money. You need money up front for the property and any renovations which not everyone is going to have access to. However, if you have come into some money (perhaps a win or inheritance) have help from a family member or have savings, this is one way to turn a sum of money into a much larger one. It’s crucial you know what you’re doing here, get the help of an expert or at least do as much research as possible. Otherwise, you might end up with a property that’s stuck on the market for months, or one where you’re breaking even or losing money after all of your hard work.

Renting Out Properties

If you don’t want to sell properties for a profit, how about renting them out instead? This will allow you to make money over the long term, as opposed to an instant sum of cash when a property is sold. If you build up an empire of properties over time, you have lots of different rent payments coming in, and it can easily become a prosperous career. Best of all, if you hire an agency to manage them for you, there’s very little hassle to you. No dealing with tenants or chasing up any daily issues, you just have the money landing in your bank each month.