January is often a thrify month for you and your family; you’ll all be getting over the hectic Christmas period, and spending (and eating) should be getting back to normal now that the last of the selection boxes have been eaten. It’s also a time for reflection over the past twelve months so that you can start thinking about your plans for the year ahead. Family accounting and finance might not seem like something you wish to assess now, but thinking of new ways to increase your household income could set you up for years of return and profit in the long run. Surely an increase and boost to your hard earned money are worth a second thought?
Property and real estate have long been a way for people to invest their money at varying ends of the scale. There are a variety of options and projects out there, and if you strike the right thing at the right time; you’ll reap the rewards. Successful property investors can often leave their day job to d it full-time, but it’s not always feasible for busy working families. Therefore, it’s worth researching and exploring your options surrounding real estate, and discovering how, where, and when to invest. You might have built up some equity in your own home, have savings put aside for a rainy day, or have come into some extra money through inheritance or a bonus. Wherever your money has come from; you’ll want to make wise decisions with it and make the most of it for you and your family. The following are some ideas, inspiration, and advice for those who are ready to make smart choices when it comes to investing in property this year.
Holiday Homes And Rental Properties
One of the best things about looking at holiday homes to rent out, both in the UK and overseas, is that you can invest in somewhere that you could potentially visit. If you keep returning to a particular part of the country or world and understand the amenities for families like yourself; you’ll have excellent insider knowledge and an idea of how well the property will rent out during different seasons. Depending on how you plan to rent your invest out; you can pop along as a family each year and have somewhere to stay free of charge. Not having to pay for expensive hotels and accommodation during in peak school holiday periods, will start to add up over the years, so you’ll be making your money back in more ways than one. If you’re choosing to purchase a property in the UK that you’ve researched, but never visited; it’s always worth taking a trip to see where you feel the best areas are that will suit your chosen market and potential renters. You’ll have the advantage of looking through a family renters eyes, along with putting on your landlord hat.
Overseas property investment can sometimes be more challenging, but if you choose the right location; you could get a huge return on your investment in the future. As long as you’re doing all you can to work with a team or company based in the location you wish to buy, and don’t make any impulse or risky moves with your money; there’s no reason it couldn’t be the beginning of a lucrative real estate journey. High traffic tourist areas are always going to be more expensive, but you’ll always be able to rent them out to vacationers and holidaymakers. Again, it’s worth knowing your stuff regarding the area, and working with a company who can assist you through the process. Many are choosing to buy property in expanding countries when expats are moving to for work; these are often a house or a flat based in or around a city centre, where commuters can travel to and from work in their new place of residence with ease. Look into the areas of the world where business has grown and expanded in the last five to ten years, and expats are building up communities as they go over with their corporation so that you can still get a great deal on a property that is likely to increase in value quickly over the next five to ten years. South America and Southeast Asia are both areas to focus on, so, if you’re feeling brave; start looking and see what you can find.
If you’re going to invest in a property for expats to rent out overseas; you’ll need to think long term, and it’s worth working with letting agents based in the country you’ve chosen. A holiday home overseas (and in the UK) will give you a little more freedom to do the work yourself, especially if it’s somewhere that you regularly visit throughout the year. Before you let your property for the first time; you’ll need to check that everything is up to the standard you’d expect, and you’ll need to organise for the place to be cleaned after each family or renter has left, and before the new residents move in for their holiday. You’ll want excellent reviews online so that you can attract more of the right audience, so utilise the services that will ensure the standards remain high throughout the year. During low season; you could look into longer lets of three to six months, at a more affordable rate for locals and those that work there throughout the year so that you still have an income hitting your account come rain or shine.
Buying To Sell
With any area of the property market; you’ll find a variety of options both at home and abroad. However, if you’re planning to buy, renovate, and sell a home efficiently; it’s always best to pick somewhere you can visit with ease and be onsite throughout the building process. You can buy your first house or apartment to flip in a variety of ways; however, old and rundown homes in need of TLC can often be found in auctions. It’s worth visiting a few property auctions before you go to bid for yourself; you’ll get to understand the process and get a clear idea of the current market and if it’s a good time to buy. Don’t get caught up in buying something just because you want it; you must set yourself a strict budget and never go over what you’ve worked out the house is worth. Your sole focus is to make money on what you buy, so a bidding war will never work out well. Much like a rental property; you’ll want to keep an eye on developing and expanding areas around popular cities and suburbs. These places may not be the most desirable locations now, but if young couples and families are already starting to populate the area because of affordable housing, and there seem to be plans for further development; you need to strike while the iron is hot.
Once you’ve secured your doer-upper; it’s time to start the process of making it a desirable and habitable abode. If you, your partner, or family and close friends have any skills that will help to renovate and decorate a home; you could save thousands in building and renovation costs, so utilise them wherever you can. When you do have to employ and hire in help and services; it’s not about choosing the cheapest option. You’ll need to invest in efficient and quality work so that you’re not left with any costly mistakes or issues further down the line regarding the survey and selling process. Don’t be fearful of visiting the site or house when building, plumbing, or electrical work are being carried out; you can become your own project manager and make sure that things are being done correctly and in a timely manner. It’s also worth building a great relationship and rapport with those doing the work; you may want to use them again in the future, especially if (or when) your sale is a success, and you’re buying to sell regularly.
Take A Look At Your Home
Maybe the whole idea of a better and bigger income is so that you and your family can move into a new home within the next five years or so. If your plans are focused on getting yourself further up the property ladder; it might be worth putting your effort and investment into the house you’re currently living in. A family home can always be improved to make it a more appealing option to buyers, and more importantly; increase its value. Therefore, look into ways that you can up the value of your house so that when you do come to sell it; you’ll have more money to utilise for your next property. Extra bedrooms, open plan living areas, and an added bathroom, can all help increase the value and appeal of a family home. Do your research into what you can achieve with your money and what work is feasible regarding your budget, abilities, and time.
Take your time and do your research, and make the right decisions for your family as you invest in property; all the effort will pay off in the long run as you reap the rewards.