How to Build Long Term Wealth by Investing in Real Estate – The Lucrative Deal
Investing in real estate is popular. The benefits are immediate or long-term. Either way choosing a good investment property will be very beneficial to you because of the many avenues to earn on one. In this article, you can explore tips and suggestions on how to build long term wealth by investing in real estate. Become a shareholder of lucrative property deals and enjoy reaping the benefits.
Image via John Keells Properties
Earn Through Long-term Residential Rentals
One of the easiest and fastest ways to start earning via your investment property are long term rentals. Today there are good real estate projects taking shape. And it's easy to find attractive luxury apartments in Colombo. These are attractive in terms of location, quality, and appearance. For example, projects by John Keells Properties are often snapped up by people wanting to invest in real estate. And let’s face it, people are constantly looking for places to live. And with busy lifestyle schedules, more families are on the lookout for conveniently located apartments. Thus, you can become a successful landlord when you can offer the right type of property. And with expats in Sri Lanka too seeking well-appointed central accommodation in Colombo, it's easy to rent out apartments and enjoy a high income on the rent. Plus, investing in prime property in Colombo, makes it easy for you to resell the apartment – with a profit!
Earn Through Home Improvements
Fixing up old homes and turning them into classic vintage havens are trending at the moment. And smart investors are scouting out old properties, which they renovate, add a touch of magic to them, and resell to a much higher value than bought for. Such projects are not only great sources of income but are great projects to let out your creativity and enjoy a sense of accomplishment. Home improvements to an existing property are great for increasing its value. Adding an extra bathroom or an extension with a new room will add to the properties worth and you will be able to rent it or sell, for a much higher value. Even fixing up and modernising simple factors like faucets and kitchens are a good way to give your property a facelift and higher worth.
Invest in a Holiday Home and Enjoy Earnings
Many people harbour dreams of owning a holiday home, maybe in a remote and rustic location within your own country, or a holiday home in a tropical paradise like Sri Lanka. This makes it easy to plan a holiday and enjoy staying within your own home. A holiday home is not only a great getaway place for you, it will double up as an income earner. For example, if you are unable to visit your beach house for summer, or your ski lodge during winter etc. you can choose to rent out the property to holidaymakers looking for bungalows or villas to spend a holiday at. Even investing in an apartment in Sri Lanka will be ideal for not only owning a home when you visit the island but for renting out the property to expats, seeking to rent central accommodation in Colombo. You can even hook up with Airbnb and other rental platforms to promote your property amongst holidaymakers.
Buy and Hold Is Another Excellent Way to Earn from Property
You can choose to buy a property for your needs and use the same place to cover your expenses such as a mortgage. A large enough property for you to stay in and rent would be the ideal solution. You could look at investing in a two-unit condo. Or even a home with an annexe or even a few extra rooms. Renting out parts of your newly bought property is excellent for earning the mortgage you have to pay on the entire property.
