Making Money from Your Own Property
If you want to sell and need to boost your properties value as much as possible, the quickest thing to do is to have a big tidy up and decorate the property in ‘today's tastes' so people can literally, pitch up with their stuff and move in. These properties, if priced properly will sell fast and for the best price on the road.
Things like white washing or light walls for most homes, or character decoration for older properties are what people want to see. Trends such as leather type sofas, trendy throws on beds, or a picturesque ‘nautical' room if you are near to the sea are the sorts of things that people look for. You don't have to spend a fortune, but can boost your properties sale price by 10% if you get it right. Check out recently published ‘homes' magazines to see the latest trends and then seek out budget alternatives or items you are happy to purchase now and take with you.
The next thing to look at is investing in a new kitchen and/or bathroom. You don't have to spend a fortune though; you can change the worktops and doors and make money by making the bathroom look brand new. There are lots of offers on appliances at the moment and you could either include these in the property price or use them for negotiation.
Adding a new en-suite or bathroom as well as upgrading your kitchen can also boost what someone will pay for your property by around 10-15%. It's worth looking out for cracking January and Easter sale bargains to get the best kit for the best value!
Things to be aware of are loft conversions, adding an extension or garage to your property as in this market these won't always instantly add value to your property.
Making Money from Property Investment
If you want to make money from investing in property then it's vital you check out the financials first. Deposits of 25% or more will be required and the idea of ‘no money down deals' peddled by many a property investment rogue company just aren't available or if they are, are likely to mean you are committing mortgage fraud!
Good ways to make money from property include purchasing properties to do up for renting out either to those on the local authority waiting list, young professionals that can't afford or don't really want to commit to buying and are preferring to rent. Housing stock shortages are likely to be reflected in 2011 through the rental market and already we are seeing some estate/letting agents going under due to the lack of rental stock coming onto the market.
Another great way to make money from property in 2011 is to purchase land and build. You will need around 15% deposit for the overall project, but that's still less than for a buy to let project (which will require 25% minimum) and for a new build property which may require a 40% investment. Buying a plot of land and building during 2011 is a great way to make money from property. Many people think this is more difficult than renovating, but if you buy the right plot with outline or detailed planning permission (NEVER buy land to build on without planning!) then building a new property is often much easier as there are less ‘nasty surprise' bills as long as you stick to the drawings.
Ways NOT to make money from property investment in 2011 include buying a property to renovate and then sell on, unless you are extremely experienced as there is unlikely to be any capital growth to fall back on. Buying properties with ‘no money down' should be a ‘no no' in your book and buying land with the hope that it will secure planning permission at some stage is pointless!
For more about making money from property buy our Making Money out of Property Pack before you spend a penny!
Kate Faulkner