There are many ways to invest money, but a lot of people choose to do so in a property. It is often one of the lowest-risk investments there is. Providing you have the time and money to renovate a home, then you are likely to make a tidy profit. However, the key to a good property investing is choosing a place that suits you. Not sure what to look for? No problem; this blog post will help you figure it out!
Apartment Or House?
This is the big question on most property investors’ lips. Should you buy an apartment or house? Most of the time, this boils down to personal preference. Some people believe houses will make more of a profit than flats and apartments. But, as they are bigger, a lot more time, effort and money will need to go into renovations. Apartments, on the other hand, are often cheaper to buy and won’t take up your time and budget with maintenance and improvements.
Location, Location, Location
Location is a big deal in the property world. You should invest in a property that is in a desirable location. Potential buyers will be looking for places close to local schools and other amenities in the neighborhood. It could also be difficult to sell a house or apartment that is in a deprived area. You should also consider a property close to where you currently live. This will make the whole renovation process easier, as you won’t have that far to travel to check in on the property and builders.
Rent Or Sell?
Once your new property is all spruced up, you need to decide whether you are going to rent or sell. You might have already considered this and chose the property based on your decision. Usually, investors rent out apartments and sell houses. However, that doesn’t mean you will have to do so as well. There are benefits to each scenario. Renting out a property provides you with a regular income. Whereas selling a house does not leave you responsible for any future improvements and maintenance.
One feature many investors look for in an investment property is whether there is the possibility of expansion. Even if you just extend a room slightly, you could be adding a lot of money to the value of the house. You should check if this will be possible before you commit to buying the property. Check with local authorities about planning permission. You may not be able to extend the house, but there could be the opportunity to build a garage or conservatory. If you can do something to offer potential buyers some extra space, then you will surely be increasing the property’s value.
Investing in property can be a very lucrative venture. Especially if you keep the project well organized and within budget. You won’t see instant returns on your money, but when you do, you will certainly be very pleased with the profit! There’s no wonder why people get hooked on investing in property!