If you’re looking to invest and make a return on your money, property is generally a safe bet. It appreciates in value each year and is always something that will be in high demand (people will always need places to live!) , plus there are a few ways you can make money from it. As well as flipping houses becoming a landlord can be very profitable. It could be just the one property or your own little empire, but either way it means you have rent money landing in your bank account every month without much effort from you. If you pay an estate agent to manage the properties for you, there’s very little you need to do at all. But what are the best ways to become a landlord?
Rent Out a Room In Your Home
Renting out a room in your property and becoming a live- in landlord won’t appeal to everyone. But if you have an extra room and want to make some additional money, it’s one option to consider. If you manage to find a clean and quiet tenant or someone that works full time you might not even see much of them so get the benefit of the extra money without much hassle to you. Someone sharing the bills with you will mean you save yourself a significant chunk of money each month.
Rent Out Your Own Property and Live Elsewhere
If becoming a live in landlord doesn’t appeal to you, there are other options available even if you just own the one property. If you’re able to live in a different property for a lot less money than the one you’re letting out (maybe you can rent a smaller, cheaper home or live with family), this could be a good option. If you buy a property and rent it out instead of living it yourself, it means you get your full mortgage paid and maybe even little extra cash too every month. If you live in an area that has high demand for rented housing you could charge a lot more than you’re paying for your mortgage. Get the house in ship shape, make sure it has kerb appeal, repair mortar, clean windows and generally make sure it’s spruced up. This will attract the most tenants and get you the highest rent.
Get a Buy to Let Mortgage
The great thing about renting out property is if you’re able to snag good, respectful long term tenants, you make money each month without having to do much. You could be as involved as you like, but if you’d rather it was just passive income then let an agent manage the properties for you. Because you won’t have to deal with tenants directly, it means there’s no chasing for rent, having to conduct viewings or go through moving in/ moving out procedures with tenants. The money simply lands in your account each month, and if you have a number of different properties, it could well be the easiest ways you will ever earn money. Providing you get the right people in, it’s a simple, hassle free way for a chunk of money to hit your bank each month.