| Most people think about buy to let or renovating a property to make money. However, neither of these are great ways to make money in a market when property prices aren’t really rising – unless it’s in Central London. Here are three other ways you can make money from property:- |
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Build your own property
If you get your sums right and can find a plot of land, you can make 30% profit on the property the day it reaches the open mortgage market. You don’t have to build in your own area and you might be able to work with a developer to share the profits and improve your cash flow too.
To make even more money you can rent the property out for a number of years to benefit from property price growth.
Invest in property funds
Putting all your money into one property is extraordinarily risky. It’ll probably cost you around £30k as a minimum to invest in a buy to let and doing this is equivalent to looking at all the shares on the market and just investing in one company – such as Boots the Chemist.
However, just like you can put your money into funds which buy a mix of shares, you can also put your money into property funds. They are likely to be invested in commercial with some residential or there are more specific student schemes you can choose.
Property funds help you spread the risk of investing in property
Make money from your own home
For those keen to make money from property but have little spare to invest, you can secure additional funds by renting out a room which will give you up to £4,250 a year – tax free. Other ways include renting out your garage or car park space to someone who wants to park nearby. If you have a particularly photogenic property it may be you could sell it to companies who will pay to host photo shoots or even the latest Hollywood blockbuster in your home!
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