With house prices on the up, UK homeowners are once more looking at their properties as a potential source of income and a high yield investment.
Though no one can expect big profits overnight, by playing your cards right, looking after your property and acting at the perfect moment, you can still make serious money out of your home.
1. Add living space
The most effective way of adding value to your home is to add an extra bedroom and increase your living space by extending upwards or outwards.
Building out is generally quite expensive as you’ll need to dig foundations and do serious structural work to your home. So before you begin any extension projects, be sure to work out the costs to ensure that you’ll get back the money you spend on the build.
Extending up into the attic is generally a much cheaper and quicker option costing on average around £20,000. And as loft conversions can add up to 12.5% to the value of your home, they are definitely the more money savvy way to go.
Buying an older home and giving it a new lease of life isn’t just satisfying, it can also make you serious money. The best way to find bargain properties is through companies that specialise in off-market and discount homes. Have a look here to find out more.
If you already own your home, it’s a simple case of making it look its best. New kitchens and bathrooms generally add the most value, but giving your entire property a bit of a facelift is always a good idea.
Becoming a landlord is a great way to make money out of property as you can earn money from rental payments and watch as your investment increases in value.
Though there are important considerations to take into account when becoming a landlord, if you get the right advice, insurance and support, you’ll be able to start making money out of your home in no time.
With property prices soaring, this is the perfect time to sell up and release the equity in your property.
In order to ensure that you get the best possible price for your home, you’ll need to make sure that it’s in good decorative and structural order and that everything is clean, tidy and welcoming when prospective buyers come round to visit.
Try to have a look round other properties for sale in your area and find out what sort of buyers you can expect to attract. By doing your research, you can target your property at the right market and ensure a faster sale.
If selling isn’t an option but you still need to take the strain off of your finances, a great option is to re-mortgage your home or take out a home equity line of credit.”
The deal you get will depend on how much of the property you own, your income and other associated factors, but a lot of people could save a significant amount of money by switching their mortgage to a new provider.
Always try to shop around for the very best deals as rates and offers can vary considerably between lenders.
Making your property work for you may not be as simple as it once was, but by making the right investments at the right times there is still money to be made.
So do your research, look after your investment and keep your eye on the market and you’re almost guaranteed to see a profit from your property purchases.