Property Perfection: Great Ways to Make Money From Bricks and Mortar
When you think of making money from property, it’s usually flipping houses, or renting them out that springs to mind. But it’s not the only way to earn a living from bricks and mortar, here are three other methods you could consider.
Become a developer
Property developing can be incredibly lucrative, plus you get to use your creativity and make a genuine difference too. Councils often welcome developers into the area, as they revitalise old wasteland and unused areas making them usable again. This can bring money back into an area as it becomes a more attractive place to live, and people want to visit and move there. Ideally you’ll have had plenty of experience flipping houses and will know your way around the property market. You’ll know about ceiling prices, auction fees and will have had experience with everything from vacuum excavation to planning permission to removing japanese knotweed before setting out to build your own properties. This way you can be prepared for any bumps in the road and will have the experience to know what to do and work around them.
Be a silent investor
Being a silent investor can be the perfect solution if you have neither the time or expertise to get involved in property but want to make money from it. If you have a trusted business partner who knows what they’re doing, you could invest money with them and simply reap the rewards when they sell after renovating. There’s no hassle involved to you, and as long as you’re working with someone that’s trusted and experienced, your chances of making a loss are slim.
Rent a room in your own home
If you own your property, an easy way to make some extra money is by renting out a room. If you live close to a university, hospital or city centre then this kind of space will be in high demand by students and working professionals. Find the right tenant and it can be incredibly easy, if it’s someone that’s at work or university all day and is quiet when they’re home, you’ll hardly even notice they’re there. In some cases, you might be able to earn enough rental income from one room to pay your entire monthly mortgage cost! This frees up money for you to save up and do more with later on. It goes to show that you don’t always need to be a rich investor with lots of money or properties to make an income this way.
It all depends on your budget, skills and the time you have to commit. But there are lots of ways to make money from property, these are just three of them. Something to consider if you’ve been planning on getting involved in making money this way.