If you're reading this, I'm earning money in some way. I was compensated with money and/or product. Thanks for helping to feed my family. I also may have a financial interest in companies named. Please see our disclosure for more information. Also, any advice provided is for informational purposes only. I'm not an accountant, lawyer, doctor, fitness expert, or nutrition specialist. So, talk to a professional before acting on anything you read, watch, or listen to below. Get your own advice and do your own research. Email me at [email protected] with questions.
One of the best ways to make money alongside your current job is by getting into the property market. There are several options you could explore, including buying to let out, which will earn you a steady income over time. Alternatively, you could go for quick profits, and buy to sell.
With either of these routes, the best way of maximizing your profit potential is to buy a home at an auction. Very often, when a house is in a state of disrepair, there will be a risk that a buyers survey will deem a property unsuitable to take out a mortgage on. The only way that the house will sell will be to a cash buyer, and this usually means selling at huge discount at an auction. However, if you have the means to buy the property in cash, you can save yourself a great deal of money.
You will still need to get a survey done for your own benefits though; this will let you know where your priorities lay in terms of restoration. You should prioritize the significant areas of concern that the surveyor's report brings to light.
If you plan on adding square footage to the living space, either through an extension or in the form of an attic conversion, you will need to hire the services of an architect. Once you have some blueprints and any relevant planning permissions, you can set to work on getting the home into a habitable state.
Bring in the services of property managers who can tell you what your likely earning potential will be from home. This will let you know how much you should be aiming towards spending. You will obviously want to maximize your potential profits, so set a tight budget, and then stick to it religiously.
You will need to factor a contingency within the budget of around fifteen to twenty per cent. Inevitably, something will not go to plan, or there will be some kind of unforeseen circumstance that you will need to contend with. Having a buffer in your kitty will make these hiccups more manageable.
Unless you are a professional tradesperson yourself, you should try and hire in someone who works in that industry to get the job done. You may think that you can save yourself a lot of money by doing it all yourself; however, if you overestimate your abilities, you may find yourself getting stuck. If you need to bring in someone to rectify your mistake, then you will end up paying out much more than if you'd have hired them in the first place.
Get some quotes, and seek out recommendations from friends and family. You will need to have someone trustworthy, and who will stick to the price and timeframes quoted. Don't be afraid to shop around to get the best deal and the most reliable contractor.
How Cloud Computing Can Help Businesses Save Money
Here Are Secrets to Help You Make the Right Career Choice
Top Side Hustles That Will Make You Money In 2021
Understanding Payment Gateway
The Ultimate Guide to Starting Up Your Side Hustle
5 Ways To Make Money Online Right Now
8 Unusual Ways to Make Money
Why You Should Sell Gift Cards at a Bitcoin ATM
Please log in again. The login page will open in a new tab. After logging in you can close it and return to this page.