If you’re juggling life with kids, work, and everything else that each day can throw your way; you’ll be used to balancing everything so that your family is well looked after. Those you love in your household will always take priority, but it’s essential that you’re able to find some time for yourself too. Many parents crave some time out where they can relax and unwind after a busy day (or week, or month, or year), and it’s crucial to everyone’s health and wellbeing to have those moments where the focus is on themselves and something they want to do, not do, or even, achieve. If you’re the kind of mom who thrives on being busy, and you enjoy having a long list of things to get through; taking on a personal project, or one where you and your partner can spend some quality time together focusing on something away from the kids. Many people look to property for a side-hustle, project, or just something that they can really get their teeth into, so it might be just what you’re looking for.
The great thing about property and real estate is that there a variety of options to suit an array of budgets and lifestyles. Therefore, it’s about finding what’s right for you and your family, and working out how you’re going to make money from it. You could start small, learn the ropes, and develop your skills depending what it is you want to do in this potentially lucrative field. You could even start at home; adding value to your own property is a long-term investment that can pay off in the future when you’re ready to sell. You could get into the flipping side of things; perhaps renovating your own house will spur you on to improve others and make a lump sum of cash in the meantime. There are options to become landlords, both overseas and nearer to home; the possibilities really do go on and on. So, if you’re tempted to get your thinking hat on, and fancy a new challenge that will boost your family’s income; you’ve come to the right place. The following are some ideas, inspiration, and advice for those wanted to dip their toe in the property market for an exciting project and future ahead.
Overseas And Vacation Homes
The first thing you can get excited about regarding investing in property abroad is that you and your family will be able to enjoy a potential holiday home. If there’s a particular destination you go to as a family each year, it could be the perfect opportunity to scout out for some potential investments. Whether you prefer to stay in a beach house, a duplex in a town or city, or you love visiting a cabin in the great outdoors; if you love a particular area and style of property, other holidaymakers will too. Therefore, you need to check if there are any properties available for sale in and around your ideal location, work out how much you’ll need to spend on one, and figuring out if and when the area has peak and low seasons. Making money from your property while you’re not vacationing there is the best way to start getting a return on your investment. If you don’t rent your place out, you’ll still have an asset to sell or rent in the future, but it’ll be money you don’t see again for a long while, so it’s about finding what’s right for your family.
It might be the case that when your abroad or closer to home, that you see potential holiday rental opportunities and want a slice of that pie. Popular and upcoming destinations are a great place to invest. Think about those countries, states, or cities where there is always a steady stream of vacationers and international tourists so that the property will be occupied for the majority of the year. You also need to think about if you’re going to utilize and work with a letting agent. For first time investors, a vacation home letting agent might be a smart move. They’ll be able to ensure that the house or apartment is cared for and well-maintained when you’re away, and you’ll have to pay them a percentage of what you’re earning, but they’ll do the hard work of ensuring your place is booked as often as possible. Do some research on the internet; you might discover opportunities where all somewhere needs is your investment, and your money will grow gradually without your giving it a second thought. If you do venture overseas with your property ideas; make sure you look into the laws of the land regarding foreign investors and taxes. Sometimes the situation abroad works in favor of your cash, but it’s not always the case, so it’s best to be aware.
Rentals Close To Home
You might feel like you want a more hands-on approach when it comes to being a landlord, so investing in a property near to where you live is another option to consider. Putting your money into a small house, or an apartment in your town or city could be a great chance to make some money from it, and you’ll have various choices in the future. Perhaps it could provide the nest egg needed for your kids to benefit from college, or even give them somewhere to live and study when they’ve left the family household. If it’s your property; you can get your teeth stuck into the maintenance, interiors, and amenities side of things too. Being a hands-on landlord is a full-time job in itself, so you’ll need to ensure that you have the free time to dedicate to your property and its tenants. Make sure that your target audience are choosing to move into your chosen area; if you want to rent to young families, the property will need to be near schools and nurseries, and you’ll need great transport links nearby for young professionals and couples. It’s all about researching the market, finding out what renters are looking for and are paying monthly for their rent, and weighing up your investment options. If these sound appealing to you, then life as a landlord could be just up your street.
There will also be an array of developments happening in areas that are on the rise, so keep your eyes peeled for an apartment or multiple apartments that will are guaranteed to have an audience willing to rent. Again, you could go it alone, but there’s also the option to work with a lettings agent, as mentioned previously, and taking some of the stress and strain out of the admin and maintenance side of things. It’s down to you how much you want to take on, and the size of the property project you’re after. New buildings are more likely to comply with regulations and will benefit from very little having to be done to them before they go on the rental market. Therefore, they could, again, be a wise choice for a rookie landlord.
Flipping For Fun (and a return)
If you’re dying to utilize a completely different set of skills, and want to do something that will need your thorough care and attention in the property market; flipping a home could be just what you’re after. If you’re precious about design and like to take your time over things; flipping a home might not be the right choice for you. In order to get the best return on your investment; you’ll need to keep a close eye on the clock, as timing is pretty much everything when it comes to making your money back, as is saving on the costs of renovation. If you manage to get a property, however run-down it is, in a great location, and invest enough to make it appealing to buyers; you’ll have no trouble in selling it for more than what you’ve spent. The key is to spend as little as possible without cutting important corners. Professional house flippers like Than Merrill already have relationships with people such as builders, electricians and plumbers. However, if you are new to flipping real estate you will want to do your research in order to get the best people to help make your renovation dream a reality, in a timely manner, for a great price.
The longer you spend flipping houses, the better you’ll become at spotting where and when to spend money, and where to pull back on your costs. It’ll be a learning process, so you’ll want your first home to be as affordable as possible, as you learn the ropes. You might want to do it just the once, but many enjoy the process so much; they’ll reinvest in other properties, and real estate becomes their new livelihood. You might be tempted to pop personal design touches to the interior space, but you need to remember that the home has to appeal to as many potential buyers as possible, so keep things clean, neutral, and simple, and if you’re flipping a period home; you can still be sympathetic to the era, without going overboard.
Whatever your property adventure has in store; take baby steps, do your research, and figure out what’s best for you and your family regarding your budget and time. If you put the groundwork in and everything falls into place; there’s no reason that a property project won’t be one of the best moves you’ve ever made.