Steps for Success

HOW DO I MAKE MONEY FROM MY HOME? 

 Unless you’re very rich or have won the lotto most of us can only improve our homes by climbing up the property ladder and if you’re clever about it you’ll be amazed at the heights you can reach.

The key is to change your way of thinking both in the number of houses you buy over the years and how you feel about them.
 

3 SIMPLE TIPS

 
1.      Emotion - try to avoid it. Look at each house as an investment property where you are the tenant. But you are a very responsible tenant who looks after the place. As a result your investment property might not be in a place you want to live, but you may have to forgo that luxury in turn for capital gain, which will mean you can afford to live in a better place later.
 
2.      Shop in areas with potential, not those already established and as a rule buy as close to the city centre you can afford. Or in new commercial developments that will draw workers in, in the coming years.
 
3.      Always think 3 – 5 years ahead because that’s how long it can take suburbs or trends to change. Once you’ve held it for that long then it’s probably time to think about selling up and making the next step up the property ladder.
 

RENOVATING

 
A good way to get into a more expensive suburb cheaply is of course to buy the worst house in the best street, but you must invest in renovations to bring it up to the neighbours’ standard, and then get ready to sell again.
 
Your renovation should never be more than 18 months old when you put your property back on the market, that way the style is at it’s peak and you can maximize the potential of your home.
 
Following these simple rules will give you a sure foot on the property ladder.