Investing in property is meant to be a profitable venture, if yours is not then you are doing it wrong. The real estate industry has produced more wealth than any other industry, but that doesn’t mean it is easy money.
Being able to invest in property should be your one-way ticket to making money and investing on – if you know what you’re doing that is. Follow these five tips below to make the most of your property investment:
- Add Value
Make your property stand out from the rest by adding value to it. By renovating the kitchen or bathroom, for example, you can increase the rent for the near future as well as sell it for a much bigger profit down the line.
Renovation projects don’t have to be huge to make a difference, even just repainting the interiors can make all the difference when it comes to being able to charge more in rent.
- Long-Term Rentals
By leveraging long-term residential or commercial rentals, you can ensure that you always make money from your property. People will always need a place to live and work and not all of them can afford to buy their own properties.
Invest in property in a good location, you will be better able to quickly rent one out to a long-term tenant if it’s in a good area. Look for areas that have easy access to public transport or are in a good school district.
- Choose Condos Over Freestanding
Most successful property investors follow the same strategy as they start out – investing in condos instead of freestanding houses. That tactic will help you generate a better return than a house would.
Choose a flexible property size that can accommodate a small family or retirees, like a 2-bedroom, 2-bathroom unit. That is the most valuable condo size and is attractive to a wide range of possible tenants. Once you’ve found the perfect place, consider using a company for apartment property management in Toronto, GTA – they can help relieve the headache of managing your property by yourself.
- Flip Houses
Always be on the lookout for properties that need a little work but are in a great area; they will make you the most money in the long run. You’ll pick the property up for a steal, and then all you’ll need to do is spend a few weeks restoring it to its former glory.
Flipped houses can double your profits if you do them right and shop around for the renovation work, or you could even do most of the work yourself to make even more money.
- Partner Up
Sometimes, to make the most money in the shortest time, you need to find an investment partner to share the costs. That way you can invest in better properties or more of them. The more properties you have, the more money you will make.
Real estate is a win-win industry when you know what you’re doing; you don’t have to be a genius to become a property mogul – just learn what to do from others.
