|
There are many ways to
make money. Buying and selling houses is one of the most traditional
ways of making good returns on your investment.
You don't even need to
use your own money to make money. There are tried and tested ways that
property professionals follow ... with care and research, you can follow
the same steps ...
-
Do your market research.
The best place is to start where you are. Get to know your locality
as well as any other person in your area. Visit real estate
agencies and find out what sort of properties they are
selling and buying. What are the current price ranges? Keep an
eye on the prices on a weekly basis. Where do they advertise the
houses? What commissions do they charge? How many houses are
advertised for sale? How many are advertised for rental? Get to know
some of the agents in your area. Make contact with your local
property lawyers and accountants before you take any binding
legal or financial action or spend any money. Good professional
advisers are essential if you are to succeed. Without them, you are
very likely to get problems.
-
Make contact with
your lenders and tell them you intend buying / selling houses. Get free mortgage quotes and go for the best deal. Do the same with home insurance, etc. See recommended loan and insurance resources below.
-
You may buy a house
to renovate it - and then sell it for a quick profit. Most buyers
are lazy - they don't wish to carry out any work. If you do the renovation
(or get builders and contractors to do it for you), you can often
make profits of anywhere from 10% to 30% or even more. Mortgages are
available.
-
You can buy a
property to let it out and get good rental investment income. Buy to
let mortgages are available so you don't have to put in a lot of
your capital.
-
Find out about
property auctions and plots of land. Do your research and get proper
professional advice - a lot of property professionals make handsome
profits from auction property and buying and selling plots of land. Mortgages
are available.
If you are not already
involved with buying and selling properties, it can be highly profitable
... but it may also be very risky. Always
get professional help as mentioned above.
We will cover more in the
next issue.
Recommended Resources
USA
Loans UK
Loans
Insurance
|