Stepping into a home investment isn’t like other investments. Regardless of whether the buy-to-let property is a consideration in your financial planning, it’s worth remembering that your own home can also be a successful investment. In fact, buying a place of our own is often the best investment any of us will make in our lifetime.
So, are you looking for your dream home? What if you could create it yourself? One example of this is where you’re looking for a particular size of the property in an area where they are in extremely high demand. Four-bedroom houses in the catchment area of a highly rated school normally fit into this category, but instead of despairing at the lack of options, you could instead focus your search on less popular two or three-bedroom houses offering the potential to create the additional space through a loft conversion, cellar conversion or even a small extension.
It’s important to ask yourself, how much work are you willing to do in your home? Finding a home that is discounted due to outdated fixtures and simple repairs is often the best way to see a quick return on investment. Even further than that, if you can wait for the work to be done, you may want to consider adding in extra rooms or amenities. If you’re willing to sweat a little, you can get a big jump on inflation and liquidity costs.
Interested in the options to rent out your property? Picking the right rental avenue depends on several key factors. Airbnb is a wildly successful renting program and is very popular for homeowners looking to make a dent in their mortgage. Airbnb allows homeowners to rent out just one room, multiple rooms, or even the full house for any length of time. This system is known to make nearly double the rent income of the traditional method, but it does come with a few downsides. Airbnb rentals are typically only for a few days. The traditional method ensures that the tenants will pay you a steady income throughout the entire agreed-upon contract.
Our team of experts is here to help answer any questions you may have about the nature of this big investment! We can help explore any options you are interested in to make some passive income on your property. We know the North Houston area, and we can help you get the best deal possible on your dream home.