Building riches can be achieved through a variety of ways… invention, inheritance, hard work, investment and through prudent property investment and renovation. If property interests you, can you start building riches now?
We’re all interested in making a spot of extra cash whenever we can. Whether as a part-time side hustle or just an easy way to generate some more cash in our spare time. It’s fair to say that there are few of us who are going to pass up on the chance for building riches in a small or BIG way.
If you fancy a BIG way for building riches then you could join the growing number of people turning to property to try and boost their financial situation.
The best thing about making money is that there are ways you can easily turn it into a full-time job, or you can just leave it as a hobby. You can choose a property investment method that is as hands-on as you want it to be.
So, ready to make some cash from a house? Here’s how.
Building Riches: Long-Term Lets
One of the most obvious ways to make some money from property is to let it out to tenants. If you have enough cash, you might want to buy a flat or home and then rent it out.
The main benefit of this is that you will be getting a monthly income. However, you will also be a landlord and will have certain responsibilities, such as ensuring that any breakages and maintenance is taken care of.
Tenants also have quite a few rights to protect them, so you could have trouble trying to evict who you are renting to even if they are nightmare renters!
Listen to our revealing podcast on how to leverage your current assets into more wealth with expert, Joe Tirimacco.
Building Riches: Short-Term Lets
If you don’t fancy dealing with tenants over the long-term and would like more control over how your property is used, you might simply want to consider renting out any spare rooms that you have in your current home.
There are now lots of accommodation websites, such as Airbnb and Wimdu, that let homeowners rent out their spare rooms to travelers who want to stay in their area.
You’ll be able to choose when you rent out your room, so can enjoy a bit more flexibility. However, it’s worth bearing in mind that this will be like running a guesthouse, and you will be expected to thoroughly clean the room between guests.
Building Riches: Property Investments
If you don’t fancy dealing with any tenants or short-term renters, it’s worth taking a look at real estate investments and considering whether they could strengthen your financial situation.
If you speak to a financial advisor about these types of investments, then they should be able to help you assess whether these are right for your situation right now. One of the main bonuses of these, though, is that they allow you to invest in commercial real estate, which can bring some very big returns.
Listen to our informative podcast on flipping properties from the perspective of two different types of expert; property developer and mortgage broker, Joe Tirimacco who is comparing notes with Accountant, Nick Corbett.
Building Riches: Property Development
If you have plenty of time on your hands, you might want to stick to the traditional money making scheme of property development.
To do this, you just need to buy a home and carry out a lot of work on it to increase its value. You then sell it one at the higher price for a nice little profit!
Good luck making money from property!