We all want to retire early and spend the rest of our life abroad enjoying the sun. However, that is a dream that will never become a reality for most people. There are only a few ways of getting enough money to make that happen. Firstly, you could wait for that lottery win. We all know the likelihood of that is pretty slim though. Secondly, you could start a business, and that is the most realistic option.
Those of you with an interest in property might consider buying and selling homes in order to create profit. Thousands of people successfully supplement their income in the UK every single year by following that business model. While there is always going to be an element of risk involved, it’s a pretty safe investment. Our guide should help you to get started.
Buying properties cheap
Before you do anything else, you will have to research property sales in your local area. No matter where you live, there should be regular auctions held at least once every couple of months. Those auctions are the best place to pick up a cheap home. However, most of them will require a lot of work, and so you need to consider that when planning your budget. On average, you should allow for an increase in spending of around 20% for any renovation work. That means buying a property at auction for £100,000 will mean you end up spending around £120,000. That is just a rough estimate though. There are always ways of cutting back.
Renovating your properties
Renovation is key if you want to sell the home and make a tidy profit. Again, you shouldn’t have to spend more than around 20% of the price you paid when purchasing the home. Performing the jobs yourself is not a good idea for a couple of reasons. It would mean you have to work very hard, and it could mean the work takes much longer to complete. It makes sense to find some professional tradesmen and use their services. At the end of the day, do you honestly think you will have time to learn how to rewire a property with everything else on your plate? We think not!
Selling the properties
When it comes to selling the property, you will want to list it with as many estate agencies as possible. Successful companies should have a professional website like Hamptons.co.uk. That means you shouldn’t have to look very far to find out how much people are paying for similar properties at the current time. Of course, you should allow all the estate agents to perform a valuation too. That will help to ensure you don’t price it too high or too low. Advertising the home for sale on social media websites is also a wise move these days.
So, is it possible to make a living from buying and selling properties? Well, most people will aim to make around £20,000 in profit from each sale, and so it is more than viable. You simply need to buy and sell at least a couple of homes each year to provide for your family. Just make sure you get a decent accountant.