If you are wanting to make some money on the side to put away for a rainy day then you may be looking into different ideas. One lucrative side hustle you might be interested in is property investment.
Investing in property means you will always have a chunk of money to do whatever you want with. If you have never invested in property before then you may not know where to start. Take a look at the article below for more information and advice.
Your Budget
First of all, before you invest in anything you need to know where you stand financially. Without the right amount of money, you won’t be able to do very much.
Nothing comes for free, so you need to figure out how much you have to put towards your investment. Properties are not cheap so you will need to either have the money available to hand or apply for a business loan.
In order to be successful with your loan application, you will need to have a pretty high credit score. This is how the bank knows you are a safe lending option and confident you can make the repayments each month.
Where To Buy
Something else to think about is where you want to buy your properties. This all depends on the type of clientele you are wanting to sell or rent to.
If you are going to be dealing with families and couples then you may want to be looking around family-friendly neighborhoods. These will be in areas close to good schools and nurseries.
Homes that are close to great transport links and supermarkets are far more sought after than homes in rural areas. This means that parents and families can drop their children off at school and then hop on a train or main road to work.
Type Of Property Investment
As a property investor, you need to figure out if you want to go into a property that you rent out or sell. This can be old homes or new homes, newer homes seem to be a lot more popular these days as they come with new fandangled technology.
If you are buying to let or buying to sell then you may find it easier to buy a home that doesn’t need much work. This will save you from dipping into your budget too much.
When you sort out your loan for the property, you will need to state what it is for. Be aware, if you are buying to let then you will need to arrange this with a mortgage broker.
Property Management Options
Finally, no matter what type of investment you choose, you will need to decide if you are managing the property yourself. It can be incredibly difficult to do everything while still holding down your main job. If you feel like you need some help with your property then you could hire a property manager to look after it on your behalf. This means they will arrange all viewings, paperwork, and repairs. They will also be in charge of kitting out the homes with everything they need, take a look at wholesale plungers & toilet brushes for instance.
We hope you found this article helpful and that it gave you some insight into how property investment could help you make some extra cash.