Last Updated on Dec 18, 2019 by James W
You might be on the market for a property. We’re not talking about one to live in. Nope, we mean a property purely for financial purposes. This has become very popular lately, mainly due to the fact that you don’t need any particular expertise to win at this game. It can, honestly, be just like playing a game of Monopoly only with much larger steaks. It’s a tad more complicated though because you need to decide what type of property investment you want. So, let’s look at a few of the possibilities and consider the best way to go about doing them and getting involved.
Buy A Holiday Home
One option would be to invest in a holiday home. If you do this, you need to make sure that you are choosing a tourist hotspot like say Orlando, Florida. Tourists flock here every year to visit the theme parks as well as various other attractions. Buy the right property and you can make a killing here from eager tourists and families.
The issue of buying a holiday home is that you won’t be there all the time to look after it. There are two ways to handle this. First, do make sure that you are buying a place that you like. If you’re not going to want to go there, don’t bother because you’ll need to visit your holiday home at least a couple times a year. Second, make sure that you hire a management company to handle the issues when you’re not there. Third, buy a property in a gated area or somewhere as part of a resort. This will provide you with a higher level of security.
Purchasing A Condo
Alternatively, you can purchase a condominium which is a property in a shared living area. Again, this provides the security, and you can get some lovely tenants with this choice such as retiring couples or single rents. Condos are also popular with business professionals, and these are all groups that you can generally trust to look after your property.
Now there are a couple issues to be aware of with this option. First, you will likely need to pay a master condo insurance policy. This is a legal requirement for the association in charge of the complex but they usually pass the bill to the private condo owners. However, this bill ensures that the property looks fantastic and has the aesthetic and style guaranteed to get you high-class renters. That’s exactly what you want when you are looking for a nice safe property investment.
Buying Student Accommodation
Finally, the benefit of student accommodation is that you won’t have to invest much at all setting it up. Students don’t expect much which is perfect if you’re on a budget and you also get the extra comfort of a guarantor. This is usually a parent or guardian who will agree to pay the cost if the student is unable to. Again, this provides you with the peace of mind you need or want when you take on this type of investment.
