Are you in that happy place where you find yourself in a position to start making some investments for your future? Perhaps you are empty nesters, and the financial responsibilities of parenthood are diminishing, or maybe you have worked hard, and are now seeing results with a life changing bonus from your employer. It could be an inheritance or have you just struck gold and won the lottery!
Whatever the reason, you can do no better than invest your new found wealth in property. It can work for you in a number of ways.
Invest in residential property to rent out
Whilst once upon a time, owning your home was an indicator of your level of financial security and commitment, these days, people are focusing more on renting than buying.
The huge deposit often needed to secure a loan is unattainable for many young people – indeed even for mature people, who for personal reasons, such as a divorce, may find themselves trying to finance a second property for themselves, whilst also providing a home for their family.
So the demand for rented accommodation continues to grow in popularity, and you can take advantage of this by investing in a property that you can then rent out and get a residual income from it. If you want to invest, but you don’t have the finances available, then you could talk to Visio Lending.
You could consider a one or two bedroom apartment which would appeal to the younger couples who are beginning their journey into living together, or more of a family home, with perhaps three or four bedrooms. Start your portfolio off carefully and then once you are established you can expand it accordingly.
Invest in a holiday home.
If you would like to benefit from your investment in a different way, then purchasing a holiday home might give you the best of both worlds.
You could look for a small pied a terre, in a warm climate and keep it just for yourself, or be a little bolder and buy a sunny villa which you could rent out to holiday makers and get a good return on a regular basis throughout the holiday season. We bought a small apartment in Pattaya, Thailand to live in part of the year (pictures above with that amazing pool!), with the opportunity to rent it out at times if we choose. Even if we never opt to rent it out, when the time comes to sell it, we will make a profit, plus, we got to live in it for all that time!
There are many reputable villa management companies who will look after your property and oversee the arrivals and departures, and it will always be there for you to spend your down time there too.
Invest in commercial property
Not all property investments have to be residential. There are some great opportunities to buy commercial outlets such as a cafe, bar, shop or salon.
The principles are more or less the same. You buy the property to rent out to other people to run their business, rather than to live in or stay in.
Again, more and more people are getting their entrepreneurial heads on and wanting to work for themselves and reap the benefits. More artisan shops are springing up, run by people who just want a small affordable space, and knowing that the demand is there, if you find a hidden gem to buy, this could get you on the first rung of the commercial property ladder.