Property Investment – Would It Work For You?
Have you got a bit of money stashed away that isn’t working for you? It’s probably time to get it moving and invest it in something. There are many things you can invest your money in, but the most long term and secure investment option has probably got to be in property. Land and buildings are going to be valuable a lot longer than paper with numbers scribbled on them, and having an investment property means having a long term source of stable income. Not only that, most land increases in value over time, so after making a tidy profit off leasing to tenants, you can then sell it for an inflated value at the end of the period.
So if you are looking to get yourself set for retirement, or start your own investment empire, property is a great area to get involved in. But I do warn you, choose your tenants wisely! Although the majority of people will make pleasant tenants (no pun intended!), there are always going to be a handful of bad apples that can really cause headaches for you, and ultimately cost you money.
I had a friend who owned a small apartment that he had bought as an investment property nearly twenty five years ago. He had always had lovely tenants who never caused any issues; they paid their rent on time and treated the home with respect. He was really glad he had got involved in this area and it was starting to pay off for him. That was up until recently when he came across the tenants from hell. They did not pay him rent for nearly six months and they made a complete mess of the house. They damaged doors and walls, paint was peeling off and the house was in disrepair. Not only that, but they would often party and play loud music all hours of the night, making life miserable for all the neighbours. Luckily for him though he had landlord insurance. It really saved him as his repairs and cleaning bills were in the high thousands. They saw what had happened and paid up quickly, whilst also pursuing the perpetrators. So as you can see, things can be very good, but quickly turn bad because of one bad tenant.
So there you have it, some helpful information on property investment and the reasons why you should do it. But as I’ve shown you above, it isn’t always smooth sailing and you can hit a few bumps along the way! So make sure you have landlords insurance before you put your property on the market for lease. Besides that, happy investing!