How To Make Big Money With Property

Perhaps you have been saving for years, and you’re now ready to put your hard earned money to good use, or maybe you’ve struck lucky and found yourself with some extra cash – either way, property is undoubtedly something to consider investing your money into. While it may not be the most straightforward way to grow your capital, it indeed allows for great profit potential. Here are some tips on how to make big money with property.

Begin with your home

Do you really use all of your home? Maybe you are an older person living in a house that once accommodated your family, but now they have grown up and flown the nest. If you have spare bedrooms, you could very well turn your home into flats. You could split the house up, keeping a flat for yourself, while renting the others out. This is a sure way to release some equity, as well as a great way to begin a property development portfolio, supervising the development in the comfort of your own home.

Seek young professional tenants

A great way to ensure profit is through tactical accommodation. A great example of this could be developing a flat for shared accommodation, targeting young, professional people. The best way to achieve this is through developing to a high quality while keeping the rent lower. This transforms the property from a single occupant paying one rent, to several occupants paying a fair rent each, drastically increasing your capital.

Purchase flats instead of houses

In the majority of cases, flats generate a better return than houses when buying-to-let. Not everybody agrees with this, and some hold their opinion on houses coming out on top. Despite this, there are some pretty good advantages but buying a flat that should not be overlooked. Some of these advantages include the purchase price being lower – meaning that you can buy more to increase your portfolio, the maintenance of the building is shared, and you can get significant discounts through bulk buying. All of these equate to better returns.

Partnering with professionals

It is imperative to partner with professional people who will aid you in your developments, taking on the bits that you aren’t qualified for, such as the logistics of the build, finances, and legislation. They must excel in their field in order to be an asset to you and your portfolio. Trustworthy and reliable partners are essential for a good profit and reducing the stress of development!

Diversify your portfolio

It’s very wise to cover yourself financially, in case the situation arises where you come across unexpected financial difficulty. This could be through a gamble on another property not playing in your favor. Providing that you have another development (or developments) that act as a fail-safe – shared student accommodation for example – you should be able to ride out the temporary strain, knowing that you have security through that property.

Jesse Roberts
Be wise with your tax

Ensuring that you are paying the correct amount of tax is essential when considering capital increase. While paying too much is a grievous error, it is not worse than having a massive surprise bill to contend with. There are plenty of ways to be savvier about your tax, understanding them and putting them into practice is a strong way to save money.

Be patient

Rome wasn’t built in a day, and neither will your portfolio be. Property investment takes time, effort, money and energy, and often the rewards will only seem prevalent after a period of time. Remember to weigh up advantages and disadvantages of investment beforehand, take into account that investing in property is long-term.                                                                          

Add value where possible

Simple steps like modernising and updating property can increase the value of your development, as well as making it more appealing to those looking to rent or buy from you. Other ways of increasing value to property includes having an extension done, to increase the size of the downstairs space, and loft conversions, adding another large bedroom to the property. Another way to increase value is through the addition of a second toilet.

Look for gardens

It is well known that properties with a garden return more than those without. Although having an outdoor space means a little more maintenance, people love fresh air and will pay to have this. Fresh air doesn’t just come in the shape and size of a garden though; it could be as simple as allowing for a small balcony for a first floor flat.

Consider rail links

This is an effortless way to make some money on property. Consider the current rail links in the proposed area, as this increases the value of property due to the trusty commuters. You can also get ahead of the game and beat others to it, by researching plans for future rail links in different areas and choosing to invest in these places instead. This way you could jump in before the property price booms and be smug (and better off) in your decision of looking ahead.

Know your location

When looking for property to invest in, it is sometimes better to keep to what you know – especially when it comes to the area. Although you may be tempted by what appears to be a steal of a property with lots of potential, but is miles away, consider that fact that you know nothing about the town or what it has to offer. There could be a valid reason why it is such a bargain! Instead, stick to where you are familiar. This way, not only are you close by if needed by a tenant, but you will also already have the important information regarding the surroundings of the property, which is required in order to make an informed and smart investment choice.

Whether you’re looking to make some money on your own home, ready to invest in other properties to grow your capital, or seeking to improve your current buy-to-let properties to increase your profit; property often equals big money.

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It Is Possible To Do Home Improvements On A Budget!

Far too often we see people putting off home improvements around their home for financial reasons – and that is understandable. However, so many people fall victim to the trap that they have to go all out, must be all bells and whistles and really splash the cash to change their home up.

I know of a few people who’ve done home improvements over the years – and it is possible to do it on a budget. You set a budget and you stick to it. But how is it possible?

Space Out The Renovations

Now some people like to go the whole hog and get loads done at once – this is when it can get really expensive. However, if you space out the renovations you have more time to save towards the next lot of renovations and research to find the best (and most affordable company) for your needs. I know of a blogger who had their kitchen done last year and has been saving and researching for over a year before starting on their next renovation.

Seek Out The Good Quality – But Affordable – Companies

It is always important to do your research – finding the best company for your needs is key. Search for reputable companies in your area who are also in your budget range and choose the best one. Whether you’re looking for the best company to add lantern roofs to properties or you are looking to have your kitchen completely remodeled, finding the best people for the job is exactly what you need.

Do It Yourself

Obviously the major jobs aren’t going to be in your remit – and you don’t want to make a mistake that could cost you financially – but there are certain aspects of home renovation that you can do for yourself. However, if you are comfortable enough doing the small jobs, then you will save money on getting in a local handy man to do the jobs.

See If You Can Get A Slight Discount For More Work

Now, most people won’t get everything done in one go as it is so expensive to do – but if you find a good company who are willing to do all of the renovations needed, it may be worth asking to see if you get a slight discount for keeping all your business with them. It may be quite unlikely – but you never know, unless you ask!

I would suggest saving up for a little while before considering renovating your home – do your research, find the right company for you, work out your budget. Then you can decide where to start first and how much to get done. I would definitely suggest taking it one step at a time – don’t try to get a kitchen and bathroom remodeled at the same time or your garden landscaped at the same time you are having a conservatory put in. If you are looking to get a lot done around your house, space it out for both your sanity and your finances.

Have you managed to get your home renovations done on a budget?

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There’s Still Money In The Old Home

How much is your home worth?

Now that’s the kind of questions most people come to ask when they’re considering selling – whether they want to upsize and invest the profit in a bigger home, or whether they’ve inherited a property they don’t want to keep. Regardless of the reason, there is an inherent issue about that question. Indeed, most homeowners assume that their house has only a value if they sell it, which ultimately means that as long as you live in the property, it isn’t worthless – from a financial perspective only; there’s no denying that every home has an unquantifiable emotional value. This is a mistake and one that you shouldn’t make in the future. In reality, if you know what to do, you can still make money out of your property, even if you don’t sell it. Admittedly, it doesn’t mean that your home is likely to transform your lifestyle overnight – you won’t become a multimillionaire from monetising your house. But you can make valuable profits, which you can repurpose to maintain a comfortable lifestyle or invest in future projects. Here are a few ideas to get you started.

Can’t wait? Sell it

Everyone can be in a situation where they need to sell a property as soon as possible. Imagine that you’re planning to leave the country and move to the Republic of Ireland or elsewhere in the EU before the Brexit deadline comes in force. You don’t have much time to waste! There are barely 6 months left before the end of March, and you’d love to be packing your stuff and cross the Channel or the Irish Sea as soon as possible. You can get in touch with property buyers who can get you the cash you need almost on the spot. We Buy Any House can make you an immediate cash offer for your property through their online valuation system. For anyone who doesn’t feel confident in the fluctuations of the property market, this is the ideal solution to get rid of a house and move out in a matter of days or weeks. You don’t have to worry about maintaining the property and paying for real estate services for a long time.

Jon Tyson
 

Check the loft and the garage

Do you remember that gorgeous little dress you received as a birthday present and that never fitted? Years later, the dress is stored in a bag in the garage, waiting for the perfect moment when it’ll fit again. Or maybe it was the Harry Potter series which you have in double or triple because all your friends bought you the same books at the same time. The bottom line is that everybody keeps plenty of stuff they don’t need. The old rubbish you’ve accumulated and hidden in various locations in the house – in the loft, the garage, the wardrobe in the guest bedroom, under the bed, etc. – can get you some cash. Indeed, you can sell the things you don’t want or need anymore online – eBay jumps to mind.

Make the most of your spare room

Do you have an extra room that only serves as a forgotten dust sanctuary? It’s a waste of space in your home that you can turn into a source of regular income with the Rent a Room scheme. Indeed, as a homeowner and sometimes even as a tenant – you need to check your tenancy agreement for further information or get in touch with your landlord about it – you can earn an income from letting your spare bedroom and receive up to £7,500 tax relief per year. Any revenue above that limit will need to be mentioned in your self-assessment tax return. However, you need to make sure that the room is furnished and that your lodger will have access to all the essential facilities; bathroom, kitchen, and living room.

Want the best price?

If you’re not in a hurry and want to make the most of your property, you might want to consider essential home improvements first. Indeed, making your house attractive to buyers can encourage high price offers and even rapid purchase – even in the harshest market circumstances. You don’t have to break the bank to make it work. Something as simple as fixing small decorative problems such as peeling paint or dirty walls can affect potential buyers positively.

Help a freelancer

The business market is changing. More and more people decide to start an independent professional career without building up a capital reserve first. Consequently, startups and freelancers are likely to flood the market with niche skills but very little business presence. Some of them don’t even have an office to call theirs. If you have a spare room that can be turned into an office, you could rent this workspace for £50 to £250 per day. From a kitted-out living room to a cosy study, you can promote your facility on Spacehop, an online platform for independent professionals.

 

Make the most of an eerie atmosphere

An atmospheric cottage in the Welsh hills. A hyper-modern home built around smart technology. A vintage house that oozes with the spirit of the vibrant 1970s. Atypical homes make a perfect location for film and photo shoots. Running a location house is a lucrative side-hustle, but it also requires full-time attention. You know that you have to look after it and can’t afford to miss a maintenance appointment. With day rates frpù £350 to £3,000, you can let the house pay its own mortgage.

It’s not a garden; it’s a food factory

If you haven’t considered growing your own food, it’s time to embrace gardening. Indeed, there’s still some time to plant your winter vegetables. You can have plenty of beets, pumpkins, potatoes, and spinach during the cold months of the year and enjoy the taste of fresh and healthy meals. Additionally, you can save tonnes in grocery shopping if you know how to look after your garden and conserve your harvest. So, what are you waiting for to switch to homegrown vegetables?

How much is your home worth? The answer is plenty. PLENTY. Selling your old clutter, growing your supper in the garden, or even renting out your lounge to creative freelancers, there is a lot you can do to turn your home sweet home into a money-making machine. And if nothing else helps, you can still sell it, instantly for cash or through a real estate agency to a private buyer.

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