Property ownership may be getting harder for many young people. However, if you are already a property owner you could maximize returns several ways.
With the property prices shooting up sky-high in major cities across the globe, owning property may seem like a lofty dream rather than an attainable goal. However, if you are already in the property ownership stakes you could make more money than ever before.
Previously, selling a property for far more than you paid for it was the primary way to maximize returns. Now there are several other ways a property could be monetised.
Here are a couple of good ideas to get you thinking about your own property ownership and whether you be buying an investment, not a liability.
Property Ownership: Buy Low, Sell High
Selling is most definitely the most tested and most common way of making money in the property business, that’s undeniable.
However, one thing that has changed in the way in you can sell that property. You no longer need to go to the market and scream your lungs out about it. You can now place some handy ads in the right places, to increase the chances of the right people seeing your ad.
Other than the usual ways of just selling your property to a random person, you can sell it to a business of some kind. Businesses are usually much more competent buyers as they stay in the field more, usually making them the safer choice.
Whether it’s someone dealing with childcare investment properties, someone who’s renovating houses to sell them, or even perhaps someone who will then rent the house, you are certainly not short of potential customers.
Image source: Pexels
Property Ownership: Rent Rent Rent!
It’s hard to say “no” to the prospect of consistently getting paid a hefty amount at the end of each month, almost passively. If you decide to rent out your property, expect two things to work out differently.
#1 If something breaks, such as a fridge or a washing machine, or pipes leak or heating is unreliable then you have the obligation as a Landlord to fix these kinds of things.
#2 You have a regular income paying off the rental mortgage and you may be increasing the value of selling the property to someone else.
Property Ownership: Air B’nB
Many people now are going down the Airbnb route, either with an apartment or a room in their home. You may have a holiday apartment that you use for only part of the year, but rent it out via Air B’nB when it’s vacant.
Similarly, if you have a bedroom with an ensuite or even a ‘Granny Flat’ on your property, Air B’nB is a great way to earn income… and maybe even meet some interesting new people.
Yes, the property ownership landscape has changed. Are you ready to get on board?
Need Help Converting A Property for Rental?
Contact Interior Designer Penelope Herbert from Plush Design Interiors. Penelope will help you to cost-effectively, functionally and stylishly convert any space into an income-earning asset.