Sometimes you might look in your bank account to see a tidy little nest egg accruing interest. However, this interest is minimal, and you want your cash to accumulate more quickly. The simplest way to ensure this happens is to be proactive with your finances. You may need to take on more risk, but you will see the return on any investment that you make increase. This can help you save for your retirement, however far off this seems, or it could help you save for any big ticket items that you’re after like a new car or a once in a lifetime holiday.
Bricks and mortar are often seen as the easiest side hustle investment to get into as an amateur. If you fancy trying your luck in the property game, take a look at these lesser known ways to invest in the market.
Buy off Plan
There are plenty of people across the globe investing in property that hasn’t even been built yet. From a simple architect’s drawing, amateur investors are choosing to take a punt on a complex of apartments, a new housing estate or even a new luxury hotel. While you might not be purchasing an actual property outright, you are investing in the building firm that is creating the new urban dwellings. Buying off plan is seen as a clever investment if you get it right. Places like the Wyndham Ridge estate have amenities, pleasant surroundings and a boutique feel making this development appealing to the investor. The risks are increased, but take a calculated gamble and you could purchase off plan at a bargain rate and then sell for market rate once the properties have been built.
If you are keen on building your own property or taking on the project manager role for a few pads, then you might be keen to purchase some land. You will need to consider the location of your humble abodes, making sure that there are adequate transport links, decent schools nearby and enough amenities to make your new development a desirable place to live. To make it worth your while, you need to think about building multiple properties on a piece of land with either a small apartment complex or a conurbation of houses making it profitable.
If you’re keen to see a steady, if not lucrative income, you might want to look at purchasing a couple of commercial premises. These range from offices to warehouses, and from storage units to garages. They cost less than residential homes, and you can lease them out quickly to new startups looking for a top quality business premises without the extortionate business rates. Contracts can be short term or long term to suit you, and you can keep them rolling if the professional tenant is suitable. Secure a decent location with footfall, transport links, and amenities, and you could be onto a sound long term investment.
Investing in bricks and mortar doesn’t just mean buying a fixer upper, renovating it and then selling it on for a profit – there is so much more to the world of property investment.