If you really want to make more money, there are a number of ways you can do it. You could try getting a part time job, starting your own business, or selling your old stuff. One way lots of people make more money, is through property.
The big wide world of property can seem confusing to newbies, so I’m here to help you understand it with this quick and simple guide!
Invest in Flats
When investing in buy to let property, flats are proving to be a more lucrative choice than houses. They can attract couples, young professionals, and small families. Just try to make sure your flat is as flexible as possible. A decent sized flat with more than one bedroom is a very good choice!
Be in it for the Long Haul
You’re not going to become a millionaire from property straight away. You won’t do it in a few months. You might not even do it in a few years. You need to be in this for the long haul. It’ll take a very long time before you can make a living doing this, or a steady income. You need to have a long term plan and be willing to stick to it.
Add Value Where Possible
If you can add value to your property, then do so. It can be something as simple as cleaning the windows before a viewing. It all adds value in the subconscious mind of the viewer! You can also spend a lot of money adding value, but you need to remember that the property should fit in with the street. If the rest of the properties are much less luxurious than yours, yours is still only going to be worth as much as them.
Find a Manager You Can Trust
Making money with property can be difficult, especially if you’re new in the game. I suggest finding a manager you can trust to help you. They can take as much control as you want them to. Do you want them to do everything for you, or would you rather they just take the emergency calls in the middle of the night?
Discuss your needs with them and see how you get on. They can even help to fill your properties faster, helping to keep your money rolling in. Brinkleys Estate Agents can give you more information on that kind of thing. There are always going to be times your property can’t be filled, but a good manager can minimise that time.
Be a Good Landlord
Being a good landlord is essential if you want to make money with property. You need to look at this like a business more than anything! Your customer service should be up to scratch, with no error in communication. If a tenant calls you with a problem, you need to be willing to do what it takes to solve it. You can even send them a card at Christmas time. Whatever it takes to keep tenants loyal and paying you on time.
Do everything properly, play the long game, and you can make good money with property!